The four-weight world champion, 33, was due to return to the ring for the first time in eighteen months on August 20.
Broner has fought just once since his 2019 defeat to Manny Pacquiao, beating Jovanie Santiago in a controversial points decision in February last year.
Fight fans were eagerly awaiting his comeback bout against Figueroa, which was all set for this Saturday at the Seminole Hard Rock Hotel in Florida.
But Broner has pulled out of the bout just five days before the first bell, revealing mental health struggles to his 1.1m Instagram followers.
Broner wrote: “Man, I’m going through a lot at this moment in my life but I ain’t go give up.
“I set some more goals and I ain’t stopping until I finish what I started.
“But sorry to say this but I’m not fighting August 20.
“Sorry to all my fans but mental health is real and I’m not about to play inside the ring
“I’ve watched a lot of people die playing with they boxing career and that is something I won’t do.
“Just pray for me, I love the sport of boxing too much to not give my all and I feel like I came up short before because my mind wasn’t 100% there and I’ll be damned if I make that mistake again.
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