The 24-year-old, best known for his role as Summer Bay's Aden Jefferies, made the plea earlier today during a hearing at Sydney's Downing Centre Local Court.
Lasance was arrested for possessing a small amount of cocaine at a Christmas party last month, sparking claims that he had wrecked his hopes for a Hollywood career.
However, the actor was informed today that he would be put on a 12-month good behaviour bond, meaning that he will not have a criminal record if he complies with its conditions for the next year.
Earlier in the hearing, a magistrate had admitted that he was "tempted" to make an example of Lasance after the star's lawyer Chris Ford said that a conviction could damage his future prospects.
The magistrate told Lasance: "It's all about you, isn't it? You're in the entertainment industry but I don't feel entertained by your conduct."
However, speaking after the hearing, Ford confirmed that the actor had been handed the "most lenient" punishment he could have received.
Lasance finished filming his Home and Away role last year, but he currently remains on screen in Australia and the UK.