Todd is alleged to have shown a Walgreens pharmacy worker a message on his phone, wherein he threatened to detonate a bomb if he was not given the painkiller Oxycontin, according to the New York Post.
The bassist apparently fled the scene in a waiting taxi after being given six bottles of the drug.
Police later arrested Todd at the Comcast Centre in Mansfield, MA where Coheed and Cambria were to open for the reunited Soundgarden.
Todd will face charges of armed robbery and unlawful possession of prescription narcotics in a court arraignment later today.
The Kerrang! award-winning Coheed and Cambria said in an official statement: "Michael Todd was arrested today on what we consider very serious charges and therefore he will not be finishing up the current tour. Wes Styles, long-time member of the Coheed family, will take on bass duties starting tomorrow for the remaining dates. No shows will be cancelled.
"We are surprised to say the least and will address the situation with Michael after the tour. For now, we just want to have a great time out here and finish with some killer shows in Boston, Poughkeepsie, Quebec City and Halifax."
Coheed and Cambria's fifth studio album Year of the Black Rainbow hit the top five of the US album chart upon its release in 2010.
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Watch Coheed and Cambria's 'Welcome Home' music video: