Arrested and charged with felony theft in 1993. Currently pursueing my PhD and intend to seek employment as a college professor upon completion. Will my criminal background prevent chances for employment with a university?

Mostly it depends on the university. The main thing is that it all has to be behind you. You can't be on probation or anything at the time you apply.

There isn't a uniform process at colleges and universities. They may or may not ask, or mention a background check at some stage of the interviews, and each will make their own decision. I imagine that decisions will depend a lot on your age and on how the felony theft was done. Prepare your response, and when and if to mention it.

Many employers who have a set list of questions only go back so many years (5, 10) on conviction questions.
And background checks cost more the further back you go, so even with a check your record may not show.

I know several college professors who have criminal backgrounds, it will depend on the school and its policies