The news was first reported by The Roanoke Times.
McKenzie was charged with two misdemeanor counts of contributing to the delinquency of a minor, the release says. One of those charges is for allegedly having consensual sex with a minor aged 15 or older.
The release said McKenzie and another Virginia Tech student, Devin Gavion, were being investigated for carnal knowledge of a child between the ages of 13 and 15.
Police obtained a warrant for McKenzie and Gavion's DNA on Feb. 27 after two girls, one 15 years old and another 14, met two adult males using social media, who they later identified as McKenzie and Gavion.
The warrant states that an investigation included information that the group met at a home in Christiansburg "and it was revealed" they "had sexual intercourse" between Feb. 11 and Feb. 15. Four condoms were also recovered from the residence, according to the warrant.
The team suspended McKenzie on Tuesday.
"We are aware of the situation and misdemeanor arrest. We take these matters seriously," Virginia Tech athletic director Whit Babcock told The Roanoke Times in an email. "Coach Beamer has suspended Shai indefinitely from all team related activities as of yesterday. It's in the hands of the proper authorities and we will respect the process."