Jon Jones Is REINSTATED BY UFC Says 'I'm a Changed Man'

HE'S BACK!!!

The UFC has lifted Jon Jones' suspension after his hit and run arrest in New Mexico and will allow him to return to the octagon effective immediately.

Jones was suspended for 6 months following the April arrest -- and was stripped of his light heavyweight title.

But now, UFC Chairman and CEO Lorenzo Fertitta says he's getting one more chance -- and he better not blow it.

"We've made it clear to Jon that this new opportunity to compete in UFC is a privilege and not a right, and that there are significant expectations we have regarding his conduct moving forward."

"We’re happy to read and see reports that he has embraced the terms of his plea agreement and is using this experience to grow and develop as a person."

Jones has also issued a statement saying he's grateful for the opportunity -- adding, "I am excited to show how much I've grown as a person outside of the octagon."

"It took me losing almost everything I had worked for to realize how much I had. I am blessed and humbled by the continued support of the MMA community and I can't thank my fans enough for their unwavering support through my ups and downs."

"This marks the beginning of a new chapter in my life and my career and let me assure you the best is yet to come."