Junior linebacker Sam Olajubutu was an honorable mention selection on the team.
Jones is the first freshman in Razorback history to earn All-America honors.
The Tulsa native is the 41st player in Arkansas history to earn All-America honors and the 39th to be named to the first team.
Offensive tackle Shawn Andrews was the last Razorback named to an All-America team, earning the honors in 2002 and 2003.
Earlier this month, SI.com gave Jones honorable mention honors.
"It is a tremendous honor for Felix to be named a first-team All-American as a freshman," Arkansas coach Houston Nutt said in a release. "He had an outstanding rookie season in all phases of the game. When you think of all the great players in Arkansas history that have been All-Americas, it certainly puts into prospective the magnitude of his achievement."
Jones averaged 31.94 yards per return, leading the nation currently. He had 543 yards and one touchdown on 17 returns. TCU's Cory Rodgers (31.73) is second in the nation with one game remaining, the EV1.net Houston Bowl on Dec. 31 against Iowa State.
Jones and Rodgers are the only two players in the country averaging more than 30 yards per return. No Razorback has ever led the nation in kickoff returns.
Olajubutu led the Razorbacks and was third in the Southeastern Conference in tackles, racking up 118, including 14.5 for loss and 4.5 sacks.
He was named first-team All-SEC by league coaches earlier this month.
"He was always around the football and made big plays time and time again," Nutt said. "He has matured into one of the best defensive players in the nation. I'm looking forward to his senior season.
Jones is one of three Razorbacks named by CollegeFootballNews.com to its All-SEC team. Joining the freshman kick returner are freshman tailback Darren McFadden and senior center Kyle Roper. McFadden was also named the SEC Freshman of the Year.
McFadden, a consensus freshman All-America pick, rushed for 1,113 yards and 11 touchdowns this season, becoming only the seventh freshman in SEC history to rush for more than 1,000 yards in a season.
Roper anchored the Arkansas offensive line that helped the Razorbacks lead the SEC in rushing. Arkansas averaged 216.9 yards per game on the ground this season.
Last week, Roper was named to The Associated Press' All-SEC second team.
Felix Jones Named All-American
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