A woman had alleged sexual assault by the actor sometime between May 1, 2002 and Aug. 1, 2002.
The name of the alleged victim was not released by the DA's office, but two women earlier this year held a press conference to accuse Seagal of separate assaults in 1992 and 2002.
Faviola Davis said she was 17 in 2002 when she was introduced to Seagal for a recording project. She said she was invited to a hotel to meet with Seagal for a possible film role audition and alleges that inside the room he groped her and attempted to sexually assault her until she fled.
When Davis came forward in March 2018, her attorney Lisa Bloom said there are circumstances in which the statute of limitations can be extended in civil cases when the victim was under 18. In criminal cases, she said, prosecutors can file charges within one year of a police report.
The DA's office said: "The results of the subsequent investigation did not yield evidence sufficient to meet the requirements of P.C. 803(f). Therefore the case is declined due to the expiration of the statute of limitations."
The 1992 allegation was rejected earlier this year by the DA's office.
Seagal has previously denied the allegations. In March, his attorney called the allegations from both women "completely fictitious and totally made up."
Seagal has previously faced sexual misconduct allegations from other women, including actresses Portia de Rossi and Jenny McCarthy.
Video: Two women speak at March 2018 press conference to accuse Steven Seagal of sexual assault.