Nick, Joe and Kevin made the announcement Tuesday. Publicist Jesse Derris confirmed the news and said no other details were available.
In an interview with People magazine, they said the decision was unanimous due to a "deep rift in the band." Nick Jonas even said he was feeling trapped.
The news comes after the cancellation of their tour earlier this month. The band was due to release their fifth album later this year.
The New Jersey brothers formed the band in 2005 and built a fan base through their association with the Disney Channel.
The Associated Press contributed to this report.