The 27-year-old - whose co-defendant Ryan Ali was also found unanimously not guilty - had been charged following a brawl hours after England played the West Indies in a one-day worldwide in Bristol, southwest England, in September last year.
Stokes missed the match to face a hearing in Bristol on charges of affray and his replacement Chris Woakes made an unbeaten 137 and picked up four wickets to be named man of the match.
Within hours of the verdict, the England Cricket Board (ECB) said Stokes would be included in their squad to play India in the third Test.
Stokes stuck to his version of the events that unfolded, and reiterated that he threw punches at Ryan Ali and Ryan Hale in an act of self-defence.
But the jury returned a verdict of not guilty against the England cricketer and also cleared Ali of the same charge.
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Stokes maintained he heard best friends Ali and Mr Hale direct homophobic abuse at Mr O'Connor and Mr Barry - but was unable to say what those words were.
He starred as England won the first Test against India at Edgbaston, but was unable to play the second due to the case as Joe Root's side went 2-0 up at Lord's over the weekend.
Bristol Crown Court has heard Mr Hales kicked Mr Ali in the head and stamped on him as he lay on the ground, with Mr Stokes then knocking out Mr Hale.
He and his teammates were out celebrating England's win against the West Indies when a fight broke out and led to Stokes' arrest.
He said he and Ali then "scuffled", adding: "I felt the need to defend myself".
"I just didn't want any trouble so I was backing away, trying to retreat".
A bouncer had claimed that he witnessed Stokes mock Mr O'Connor and Mr Barry, but they later told ITV News that they were grateful to Stokes for his intervention.