In addition to Jones, the Colts waived linebacker Jermaine Grace, wide receiver Justice Liggins, nose tackle Joey Mbu, defensive end Arthur Miley and linebacker Darnell Sankey.
The Colts also waived-injured defensive tackle Johnathan Calvin. If Calvin clears waivers, he will join the Colts' injured reserve list.
Jones, 25, entered the NFL as a third-round pick in the 2015 NFL Draft. He spent the first two seasons of his NFL career with the Washington Redskins, before being waived in September. Jones was waived and cut several times last season. He ran for 14 yards on five carries in five games for the Colts in 2017.
Grace joined the Colts in November off of waivers. He had four special teams tackles in 11 games last season with the Colts and Atlanta Falcons.
Liggins signed with the Colts on Jan. 2 on a reserve/future contract. He also joined the AFC South franchise in 2017 training camp, before being waived during final cuts.
Mbu has seven career tackles in nine games for the Colts, Redskins and Falcons. He spent time on the team's active roster and practice squad in 2017.
Miley spent his rookie campaign on the Carolina Panthers' injured reserve list in 2015, before joining the Colts' practice squad in 2017. He signed a reserve/future contract with he Colts on Jan. 1.
Sankey originally signed with the Colts in August as a free agent. He also spent time on the Baltimore Ravens' practice squad.
Calvin originally signed in 2017 with the Green Bay Packers as an undrafted free agent. He was waived during final cuts and spent two stints on the Colts' practice squad last season. He also signed a reserve/future contract with the Colts on Jan. 1.
Indianapolis began its offseason workout schedule on April 9. Organized team activities begin on May 22, while mandatory minicamp kicks off on June 12.