Those charges alone aren't enough to shed light on the facts leading to the arrest. Grand theft just means that the value is too high to make it "petty theft" and the conspiracy means he/she was allegedly working with someone else.
These charges could represent a long list of cons. Not breaking and entering. That would usually be charged as a burglary.
you need to hire a lawyer to review your case and possible defenses and assist your friend in resolving it. If they cannot afford to hire a private lawyer then they can use the services of the pubic defender.
Grand theft is theft of anything over $950 in value (under the current law, but it was $400 up until a few years ago) or theft of certain things, no matter what the value (a car, a firearm). Conspiracy to defraud means that two or more persons had an agreement to commit a criminal act (fraud) and they did at least one overt act (one step) in furtherance of that illegal agreement.
Without knowing the specific code sections, it's difficult to say what the particular theory of theft is, but... it does not sound like burglary (what you're calling "breaking and entering").
The above answer is for general information only and is based on the information you posted. Every case is fact dependent, so to get a thorough analysis of your situation, you will need to consult face to face with an attorney licensed to practice in the jurisdiction where the incident took place. Do not conclusively rely on any information posted online when deciding what to do about your case.