Hockey star Hannah Macleod has had her bronze medal anonymously returned to England Hockey's headquarters in Buckinghamshire.
But the other stolen medal, belonging to rower Alex Partridge, has yet to be recovered even though his Team GB blazer - also stolen from a Mayfair nightclub - was handed in to police on Thursday.
The 31-year-old man who was arrested by police in connection with the thefts has been bailed pending further enquiries.
Macleod was overjoyed to be reunited with her cherished prize from the Games.
"It's a huge relief," she said.
"I am indebted to everyone who has tweeted about it, everyone who has got in touch and who has publicised the situation. I can't thank you enough. I think all of you played a part in encouraging whoever had my medal to return it.
"Given the huge impact the Olympic Games has had on London and the UK I always held hope that it would be returned but it's still incredible to know now I have my medal back."
Partridge - part of the men's rowing eight - and Macleod had their medals pinched during an event at a central London nightspot called Mahiki in the early hours of Wednesday night.
Both of the athletes turned to Twitter to beg for the return of their medals, with Macleod saying that she was "totally devastated" and pleading, "I'm not after punishment. If you picked up a Bronze Olympic medal that isn't yours please just send anonymously back to GB hockey-Bisham Abbey."
The pair had been part of a party of athletes going to the central London event following the London 2012 medallists' reception at Buckingham Palace earlier in the evening, a glittering occasion that saw not just the Queen but also the Duke of Edinburgh, Duchess of Cambridge, Prime Minister David Cameron and London 2012 chief Lord Coe in attendance.
Detetctive Chief Inspector James Harman of the Metropolitan police confirmed that, "our inquiries remain active.
"Our appeals for information stand and I take this opportunity to reiterate them - if the public can help we ask them to do so.
"Alex's medal has yet to be traced, and he is understandably keen to be reunited with it as soon as possible."