Velasquez appeared in handcuffs as he was formally arraigned in a California court on Wednesday. The 39-year-old is accused of ten counts of attempted murder and multiple gun assault charges.
Many supporters wearing T-shirts that read 'Free Cain' showed up at the courthouse and Velasquez has received support from one of the biggest names in his sport, too.
"I would have done the same thing if not worse #freeCainVelasquez," Rousey tweeted.
Former middleweight champion Luke Rockhold posted on Instagram: "I believe in my brother Cain and I stand with him. He's always been a good man who stands up for what's right in this world. Don't pass judgement, wait for the story to unfold. From what I gather I believe every father would act accordingly."
The San Jose Police Department announced the 39-year-old Californian was taken into custody on Monday following a shooting where one male was taken to hospital with what have been described as 'non-life threatening injuries'.
He is being held without bail at Santa Clara County Main Jail and accused of targeting Harry Eugene Goularte, who is charged with allegedly molesting one of Velasquez's young relatives.
The child's name and exact relationship to Velasquez remain confidential due to the child's status as a minor and as a sexual abuse victim.
Goularte runs a daycare business with his mother while also living with her, according to a criminal complaint that charged Goularte with one felony count of a lewd and a lascivious act with a child under the age of 14.
Goularte was arraigned in front of a judge on February 25 and was granted release under supervision over objections from the Santa Clara County District Attorney's Office.
But three days later the San Jose Police announced the shooting near the intersection of Monterey Highway and Bailey Avenue before revealing Velasquez's arrest on Twitter.
Velasquez allegedly opened fire at a car carrying Goularte, his stepfather and at least one other person.
Goularte's stepfather was hit at least once before being rushed to a local hospital with a non-life-threatening injury. Police say he's expected to survive.
Velasquez won his first nine mixed martial arts contests and became UFC champion in the highest weight category by stopping Brock Lesnar in the first round of their October 2010 bout.
He dropped the title to Junior Dos Santos in his next bout 13 months later but rebounded to beat the Brazilian in December 2012. He made two successful defences, including coming out on top of a trilogy bout against Dos Santos.
However, Velasquez was dethroned by Fabricio Werdum in June 2015 and finished with an MMA record of 14 wins and three defeats, ending his career on a losing note after being squashed inside 26 seconds by current UFC heavyweight champion Francis Ngannou in February 2019.
After retiring from the octagon, Velasquez had a brief stint with the WWE but was released in April 2020 because of budgetary constraints caused by the coronavirus pandemic.