The Chiefs announced the deal Tuesday but declined to disclose the terms.
Jones had career highs of 1,402 rushing yards and 14 touchdowns last season. He was a 2008 Pro Bowl selection with 1,312 yards and 13 touchdowns.
The 31-year-old is expected to supplement third-year running back Jamaal Charles, who had 1,120 rushing yards and seven touchdowns with the Chiefs last season.
Jones was drafted seventh overall in 2000 by the Arizona Cardinals. He was traded to Tampa Bay in 2003, went to Chicago in 2004 as a free agent and was traded to the Jets in 2007.