According to Reuters, police searched the pair's Malibu home on Wednesday and discovered the drug methamphetamine.
The raid related to a probation case involving 23-year-old Redmond, who pleaded guilty to driving under the influence and possession of heroin and methamphetamine in June.
O'Neal and his son were booked on suspicion of possessing the psychostimulant and released on $10,000 bail each.
O'Neal's film credits include Barry Lyndon, The Driver and Love Story, for which he was nominated for an Oscar in 1971.
He has recently appeared in Bones and the Alicia Silverstone sitcom Miss Match.
Redmond O'Neal's mother is Charlie's Angels star Farrah Fawcett.