The Browns signed the veteran to a three-year, $15.25-million contract this past offseason.
The Jaguars were in need of more bodies at the position with star running back Leonard Fournette struggling to shake a hamstring injury that's held him to just two starts and 20 carries.
NFL Network's Michael Silver reports the decision to trade for Hyde was motivated by building frustration with Fournette's inability to stay healthy, especially from the Jaguars' coaches.
Meanwhile, Hyde has been inefficient as the Browns' No. 1 back, averaging just 3.4 yards per carry. He's also been a non-factor in the passing game, catching just six balls all season.