Wednesday have won just one league game out of 16 this season and are six points from safety following a 2-0 defeat at Blackpool on Saturday.
That proved Jones' final game in charge, with the club confirming his dismissal on their official website the following day.
"Dave Jones has been relieved of his duties as first-team manager with immediate effect," read a brief statement.
"The club would like to thank Dave for all of his hard work and wish him well for the future."
Jones took over at Hillsborough in March 2012 and oversaw promotion from League One two months later.
However, Wednesday only narrowly avoided relegation last season before finishing 18th and a prolonged run of poor form this term has prompted owner Milan Mandaric to take action.
It is not yet clear who will be handed the reins for Tuesday's meeting against Championship leaders Leicester City.
Barnsley, the only team beneath Wednesday in the table, sacked their manager, David Flitcroft, on Saturday.
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