She said: 'I'm SHOOK. Nunes also knocked out Ronda Rousey in less than a minute two years ago.
The first round presented a feeling out process, with Gustafsson stuffing a few of Jones' takedowns, and the latter landing a few leg kicks and a brutal elbow to the jaw.
Cormier, a now-former two-weight champ after vacating the light heavyweight belt ahead of Saturday's card, fell to Jones in each of their two prior meetings.
Jones took Gustafsson down early in the third round and for all intents and purposes, the bout was over.
The American took the fight to the ground early in the third, flattening out a worn out Gustafsson and working methodically to turn him over before unleashing a series of strikes to the Swede's unprotected head to end the fight. The most recent result was quickly overturned, however, as Jones was stripped of the title and suspended after testing positive for a metabolite.
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The United States Anti-Doping Agency (Usada) exonerated Jones of any wrongdoing, and UFC head of athlete health and performance Jeff Novitzky said the abnormality was because of a "pulsing effect" following another failed drugs test in 2016.
After taking the fight to the ground in the third round, Jones progressed to side control, moved towards the Swede's back and pounded him out with a burst of ground and pound.
The event was moved from Las Vegas to Los Angeles due to a trace of banned substance turinabol being discovered in a test administered to Jones earlier this month.
Nunes' punching power is often too much for her male sparring partners, and she carved up Justino with astonishing ease despite a size disadvantage. Going into Saturday, Justino had won 20 consecutive fights, 17 of them by knockout.
Amanda Nunes proved to all the doubters what she was made of: guts, steel, and a whole lot of talent.
Corey Anderson had a unanimous-decision win against Ilir Latifi at light-heavyweight, while Michael Chiesa registered a submission victory over Carlos Condit at welterweight. The crowd included Justino friend Halle Berry, Dolph Lundgren, David Spade, NL MVP Christian Yelich of the Milwaukee Brewers, Travis Barker, Mick Foley and Amber Valletta.