There are no unseen consequences—like karma—for stealingGenerally, when nobody's looking.
Stealing, and getting caughtyou're safe: on the other hand, willstealing—and getting caught—will place a bounty on your head for half the item's value.
There aren't any permanent consequences for stealing in front of witnesses, but they will eventually report you to the authorities, which will start the bounty and alert the guards.
There is a small chance that you rob from someone who can tell when you stole something from them, even if nobody's around. The consequence of doing that is a set of hired thugs sent after you. This seems to only happen once: if you defeat the thugs, you're safe until the next high-value theft.