Daniel Cormier's in Hawaii as Jon Jones Treads Water for Failed Steroid Test

Daniel Cormier looked suspicious as he waded in the waters of Hawaii ... as the UFC light heavyweight championship belt hangs in the balance.

TMZ Sports broke the story ... Jon Jones may not have fought a fair fight when he KO'd Cormier last month and snagged the title ... turns out Jones failed an in-competition drug test -- testing positive for the anabolic steroid Turinabol.

Cormier is taking it easy while the powers that be decide Jones' fate. He could be suspended for up to 4 years ... and it's pretty clear he'll get his title yanked, and that it'll revert back to Cormier.