The 30-year-old record producer and DJ has shared his excitement at finally getting the 'Lullaby' hitmaker to lay down her vocals on the upcoming tune, which is influenced by his "house and garage upbringing".
Jonas - whose real name is Guy Robin - told Britain's Metro newspaper's Guilty Pleasures column: "'Mistakes' is such a special one for me.
"I've wanted to work with Paloma for a long time and this just connected the dots for us to be able to collaborate in a perfect way.
"I'm happy I managed to get some influences in there from my UK house and garage upbringing, too."
On 'Mistakes' Paloma sings about being "better off" not being in a relationship with someone but still going back to them.
She belts out: 'When will I learn to stop making the same mistakes again?/ When will I learn that I can do better, much better than you?'
The British singer/songwriter is no stranger to a dance banger, having previously teamed up with Sigma on 'Changes' and 'Lullaby' with Sigala.
Meanwhile, 'Perfect Strangers' hitmaker Jonas recently revealed another big name he's discussed collaborating with.
He told BANG Showbiz: "I'm in talks with Shawn Mendes, we spoke the other night and we're trying to make something happen but it's always schedule dependent.
"We just need to find the right date. I want to get in the studio with Shawn, doing it remotely doesn't really work with an artist like Shawn.
"I need to know where he's coming from and he needs to know where I'm coming from, we need to be in the same room together sharing the experience."
Jonas launched his career in 2015 with a tropical house cover of Tracy Chapman's 'Fast Car' featuring vocalist Dakota, which peaked at number two in the Official UK Chart, and he's since released collaborations with the likes of Raye ('By Your Side'), Liam Payne and Lennon Stella ('Polaroid') and Rita Ora, who features on 'Ritual' with Tiesto.
'Mistakes' is released on February 28.