UFC fighter Jon Jones - regarded as one of the promotion's biggest names and arguably the pound-for-pound best fighter in the sport - has been stripped of his light heavyweight crown after being charged in a serious hit and run accident in New Mexico.

Jones turned himself into police on Monday following a three-vehicle accident in Albuquerque, according to several reports.

"He's very disappointed. He's upset. He wanted to go down as one of the greats or the greatest," UFC president Dana White said on "Fox Sports Live" of Jones. "He's disappointed, but it is what it is. It is the decision we had to make.

"For us to go in and have to strip him of his title and suspend him is not fun, but you know what they say: The show must go on."

Details of the incident aren't clear, but reports indicate the driver of one of the other vehicles, a pregnant woman, suffered injuries including a broken arm and wrist, the site reports:

Witnesses said a man fitting Jones' description ran a red light, collided with another vehicle and fled on foot. According to police reports, the man apparently returned to the vehicle to grab a "large handful of cash" before fleeing a second time.

Jones, 27, was scheduled to defend his title at UFC 187 on May 23 in Las Vegas against Anthony Johnson. Now, Daniel Cormier will take Jones' spot, and the two will fight that now-vacant belt.

The fighter known as 'Bones Jones' pleaded guilty in 2012 to a misdemeanor DWI charge after being arrest on suspicion of driving under the influence in Binghamton, NY. He did not enter a plea while appearing in court on Tuesday.