The experienced Welsh lock gets the nod ahead of contenders such as Scotland skipper Stuart Hogg and England forward Maro Itoje.
It will be Jones’ fourth Lions tour, after being a key part of the squad in 2009, 2013 and 2017.
The 35-year-old is rugby union’s most capped player with 157 Test appearances, 148 for Wales and nine for the Lions.
Being named captain is no guarantee of a starting place in the Test side, as head coach Warren Gatland has shown in the past.
Four years ago in New Zealand, tour skipper Sam Warburton was on the bench for the first Test.
Jones has experience of captaining the Lions, leading them to victory in the decisive third Test against Australia in Sydney in 2013 when Warburton was out injured.