It is a crime and you can be arrested for it. Below is the code section and how much time you're looking at depending on the value.
§ 97-17-64. Larceny; under lease or rental agreement.
(1) A person who obtains personal property of another under a lease or rental agreement is guilty of theft if he exercises unlawful or unauthorized control over the property with purpose to deprive the owner thereof. As used in this section, the word "deprive" means to withhold property of another permanently or for so extended a period that a significant portion of its economic value, or the use or benefit thereof, is lost to the owner; or to withhold the property with intent to restore it to the owner only upon payment of a reward or other compensation; or to conceal, abandon or dispose of the property so as to make it unlikely that the owner will recover it; or to sell, give, pledge, or otherwise transfer any interest in the property.
5) Any person convicted of the offense of theft under this section shall be:
(a) Guilty of a misdemeanor when the value of the personal property is less than Two Hundred Fifty Dollars ($250.00) and punished by a fine of not more than Two Hundred Fifty Dollars ($250.00), or by imprisonment in the county jail for a term of not more than six (6) months, or by both such fine and imprisonment; or
(b) Guilty of a felony when the value of the personal property is Two Hundred Fifty Dollars ($250.00) or more and punished by a fine of not more than One Thousand Dollars ($1,000.00), or by imprisonment in the State Penitentiary for a term of not more than three (3) years, or by both such fine and imprisonment
