The news was broken by the British funk and acid jazz band fan site Funkin, which states that Smith passed away on April 11.
The musician formed the band in the year 1992 with Jay Kay as the frontman and other members Stuart Zender, Nick Van Gelder and Wallis Buchanan and stayed with the group for a decade.
Smith left the band in 2002 to spend more time with his family.
In his career as a part of Jamiroquai, he had recorded the band's first five albums and co-wrote many songs for the group, including "Virtual Insanity," "Space Cowboy" and "Deeper Underground".
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He also produced and managed U K pop band The Hoosiers and co-produced and wrote on "X Factor" winner Matt Cardle's third album 'Porcelain' in 2013.
The cause of Smith's death is unknown.
Jamiroquai's original bassist, Zender, posted a tribute to his friend on Instagram.
He wrote, alongside the picture of the two, "I love you so much. My big brother Toby crossed over to the other side last night. All my fondest memories are of him and the band that we created. The most talented musician I have ever had the honour to make music with.
Coldplay's acoustic guitarist, Guy Berryman also offered their condolences on Smith's passing from the music band's Twitter account.
The statement read, "So very sad to hear about Toby Smith who has left us so soon - founding member of Jamiroquai and musician of astonishing talent. Rest in peace my friend. I'll be listening to Jamiroquai's debut album all day today in celebration of his absolute genius. GB.
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