According to a report from MMAJunkie.com, Jeremy Stephens is currently in police custody at the Hennepin County Public Safety Facility after being arrested by the Minneapolis Police Department this morning.
Stephens was arrested at the Marriott City Center Hotel, the host location for the fighters this weekend in Minneapolis, and arrived at the Hennepin County Public Safety Facility shortly before 11AM local time. The event is set to begin in just a few hours, so it's likely that the bout will be scrapped.
Penick's Analysis: Obviously we don't have any idea what he was arrested for at this stage, but regardless of what it is that's another blow to this card less than a day before it begins. The event was all set to feature 12 fights, and may be down to 10 by the time things get under way in Minneapolis.
UPDATE: UFC President Dana White has commented on the situation both on Twitter and in comments to several outlets, and at the moment he's made it clear that Stephens will be fighting tonight. Stephens' arrest was due to a felony charge in another state, and though White says he's still fighting, there isn't word on when exactly he's being released from the Hennepin County jail.