The 20-year-old becomes Darren Way’s third and final deadline day recruit, and highlights the blossoming relationship between the two clubs.
Jones is the third player to join the Glovers from the Premier League outfit this season, following in the footsteps of Ryan Hedges and Liam Shephard.
The Wales Under-21 international joined Swansea’s Academt at 10-years-old and scored two goals in their Under-19s’ FAW Youth Cup final triumph over arch rivals Cardiff City.
Despite an injury-hit season in 2015/16, Jones netted on eight occasions for the Welsh club’s Under-23s, helping them reach the play-offs.
The youngster, who is highly regarded by the Swans, can play as a striker or winger.