Although his profile still appears on the UFC website, it seems that the UFC has cut Beltran for the second time in his career.
This comes on the heels of a split-decision loss to Fabio Maldonaldo on October 9, although Beltran could argue that he won. However, his failed drug test following his win (later overturned to a no-contest) over Igor Pokrajac in December 2012 likely did him no favors. Going winless in his return to the Octagon (0-3) didn't help, either.
Prior to being re-signed by the UFC to face James Te Huna in July 2012, Beltran made a successful debut at light heavyweight against Anton Talamantes. Beltran had dropped down in weight after losing to Lavar Johnson via KO (his only loss due to KO/TKO) in January 2012, which marked a 1-4 run to finish his initial UFC run.
No disrespect to Beltran, but it's hard to knock the UFC for cutting him. He is an entertaining fighter, but nobody is pegging him to make a world title run during his career. Considering how many top young prospects are still competing outside the Octagon, it makes more sense for the UFC to sign a younger fighter with a higher ceiling than Beltran.
He likely won't have a tough time finding a new gig, as exciting fighters aren't easy to come by. The fact that he's also competed in the UFC will help his negotiations as well.
Considering the lack of depth in Bellator, I wouldn't be surprised if the promotion signed Beltran to the roster and allowed him to compete at heavyweight.