Ronaldinho visited Paraguay back in March to participate in the inauguration of a casino and to take part in an aid project for Paraguayan children.
Ronaldinho and his brother Roberto de Assis Moreira were released on Monday by a judge in Asuncion, having spent the past four months under house arrest at a hotel in the Paraguayan capital.
The brothers will also have to pay a fine of $200,000 (NZ$306,000) between the two of them. Defence attorneys Tarek Tuma and Alcides Cáceres said their clients will establish residence in Rio de Janeiro.
Dressed in a trademark beret, the 40-year-old former Barcelona and Paris Saint-Germain star appeared in court himself to accept the terms of his release.
Ronaldinho and his brother faced up to five years in jail if convicted.
The charismatic striker, who helped Brazil win the 2002 World Cup, was arrested on March 6 along with his brother and business manager Roberto Assis when they tried to enter Paraguay with adulterated Paraguayan passports.
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Now, five months later, the former Barcelona man is free to return home, and will reportedly leave Paraguay without a criminal record in the country, unlike his brother.
"There is no indication that he has any personal characteristics or criminal behavior that. would put society at risk", one of the prosecutors in the case said.
Following a month in a Paraguayan prison, where Ronaldinho was treated like the celebrity he is, he and his sibling were placed under house arrest in a hotel in the city of Asuncion.
The plea deal also stipulates that Ronaldinho can leave Brazil at any time, though he must tell Paraguayan officials how long he will be away.
Ronaldinho, pictured playing for Brazil against England in 2013, was a two-time Fifa World Player of the Year.