Jon Jones is OUT at Reebok -- with reps for the sports apparel company telling us they're 86'ing the UFC star over his recent arrest in New Mexico.
A rep for Reebok tells TMZ Sports ... 'In light of recent events, we have made the decision to terminate our contract with Jon Jones, effective immediately.'
Jones has been with Reebok since December -- when the company signed both Jon and Ronda Rousey to big sponsorship deals.
The news comes in the wake of the UFC suspending Jones indefinitely and stripping him of his title after he was arrested for felony hit and run in Albuquerque.
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