According to an arrest report, Graves was charged with one count of possession of marijuana and one count of drug paraphernalia.
Police say Graves consented to a search of the home on Pinehurst Drive on Dec. 6. Officers found marijuana and drug paraphernalia in the home including marijuana "seeds," "three blunts," and "two burnt blunts," according to the police report.
A UNC spokesperson says Will Graves was finishing his degree at UNC and working as a part-time video coordinator for the basketball team this semester.
UNC says Coach Williams rented the house to Graves, and Graves paid for it.
Roy Williams is aware of the arrest and is "disappointed about it", according to UNC.
Late Friday, Graves released the following statement: "I would like to offer my sincerest apologies to Coach Williams, his family, and the University of North Carolina as well as my own family and friends for the negative attention I have brought upon them. I can blame only myself for my own stupid actions. Coach Williams has stood up for me on numerous occasions and it causes me great turmoil to let him down in this way. He gave me an opportunity to finish my degree this semester and I have successfully achieved that goal, which was a lifelong dream for my family and me. Unfortunately, I have no urge to celebrate that accomplishment because of the situation I brought upon myself. I understand my actions were wrong and I take full and complete responsibility for them and am extremely remorseful for that. I plan on continuing to pursue my career as a professional basketball player and again wish to send my most sincere apologies to Coach Williams, the Carolina family and my family, as well."
Graves has been in trouble before, He was kicked off the team in 2010 for violating team rules.