This question tests the understanding of correlative conjunctions, which are pairs of words used to join elements in a sentence.
The phrase "not only" typically requires its partner, "but also," to form a complete correlative conjunction pair. This structure emphasizes two related points.
The sentence structure is: "He was accused of theft ______ of conspiracy."
The presence of "not only" before "theft" signals the need for the corresponding conjunction.
Therefore, the correct completion is "He was not only accused of theft but also of conspiracy."