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After a federal indictment, the accused person is arrested and detained, unless he can pay his set bail. He will then plead not guilty or guilty. In the case of a not guilty plea, the case will usually proceed to trial.
Depending on the type of felony you commit, as well as a number of other factors including your past criminal history, you and your criminal defense attorney may be able to reduce your punishment. Specifically, you could may be eligible for probation. Probation is the suspension of jail time. Sometimes an individual must serve some sort of a prison term before being put on probation, but other times a convicted felon may be able to seek probation in place of any jail time.