Neighbours of the 16-year-old reportedly called police after getting increasingly fed up with his behaviour.
The teenager, whose father is film director Guy Ritchie, was caught with a small amount of the class B drug near his home in Primrose Hill.
According to The Sun, Rocco was seen tossing something away as police approached him.
When officers noticed traces of cannabis on his clothes, he was searched and a small quantity of the drug was discovered.
He was arrested on 28 September, taken to a north London police station and later bailed.
A police spokesman said: “A 16-year-old youth has been arrested for possession of cannabis.
“The arrest follows a stop and search by officers from Camden borough at around 5.15pm on Wednesday, September 28 at Steeles Mews North.
“The youth was taken to a north London police station. He was subsequently bailed and dealt with by Camden borough’s Youth Offending Team.
“He was dealt with by way of Triage, which uses multiple strands to engage and educate young people in order to prevent re-offending.”
Earlier this year, Rocco hit the headlines when he was the centre of a bitter custody dispute between his parents.
When the teen refused to travel with Madonna on her Rebel Heart tour, she launched legal action in the US and UK demanding custody of her son.
Guy Ritchie eventually reached a settlement with his ex wife just hours before they were due in court in New York, agreeing Rocco would continue to live in London where he is at school.