The school released the news just before the team left on a trip for Syracuse. Jones, a senior guard from Memphis, Tenn., isn't on the trip with the Cardinals.
The suspension is not basketball related, according to a source, but comes just a week after Pitino benched him for the final 12 minutes of the Pittsburgh game.
Pitino said Jones had "a bad night."
Jones is averaging 13.6 points this season and has started 24 of 25 games. The team's third-leading scorer played just nine minutes in a game against Long Beach State earlier this season but responded with a long stretch of solid play.
Jones also averages a team-best 3.7 assists a game and 3.9 rebounds.
U of L (20-5, 8-4) plays at Syracuse on Wednesday and will host Miami on Saturday.