The company said Ravi Kant, managing director of JLR owner Tata Motors, will assume Smith's responsibilities until a successor is announced.
Tata appointed Smith, 48, as JLR CEO in 2008 after the Indian conglomerate bought the British maker of sports cars and SUVs from Ford Motor Co.
"The company would like to thank David for his efforts in the role and for his service to Jaguar and Land Rover over many years," JLR said in a statement on Monday.
Smith, an Englishman, joined Ford in 1983 and served as a finance and strategy expert for Ford of Europe and its Premier Automotive Group during a long career with the U.S. automaker.
He was JLR's chief financial officer before Tata bought the carmaker and served as the company's acting CEO after death of then-CEO Geoff Polites in April 2008. Two months later Tata confirmed Smith's CEO role.
Last month, press reports in the UK and Germany said Carl-Peter Forster, who quit as head of General Motors Europe last November, will take over a senior position at JLR.
The Financial Times said Tata wants Forster to help JLR's plans to switch its product portfolio to low-emission vehicles. During his time with GM Europe Forster led a quality offensive at Opel and a move into low-emission and electric cars.
Forster gained experience with Land Rover during his time as head of production at BMW in the 1990s when BMW owned the British SUV brand, the Financial Times said.
The German weekly magazine Focus also said Forster will join Tata but said he would lead the introduction of the Nano minicar in Europe in 2011.
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