The musician's loved ones announced the sad news Thursday, saying he passed away at his home in Osprey, Florida, earlier today ... sharing, "Dickey was larger than life, and his loss will be felt world-wide." He died from cancer and chronic obstructive pulmonary disease.

Dickey's last few years were marred with ailments -- he had a mild stroke in August 2018, and the following month fell and hit his head while playing with his dog. The fall caused a brain bleed ... forcing him to undergo surgery.

Betts was one of the founding members of the Allman Brothers Band -- while he's known as their lead guitarist, he also penned two of their biggest hits, "Jessica" and "Ramblin' Man."

Dickey left the band in 2000 and focused on his solo career throughout the 2000s, retiring in 2014. He briefly returned to touring in 2018 with his son, but his fall later brought his career to an official end.

Jai Johanny Johanson is now the only surviving OG member of the Allman Brothers Band -- Gregg Allman passed away from liver cancer battle in May 2017, and drummer Butch Trucks also died that same year.

Tragically, Duane Allman -- another founding member of the band -- died in a motorcycle accident in 1971 at age 24. Bassist Berry Oakley also died at 24 in a motorcycle crash the following year, eerily close to where Duane's accident happened.

Betts was 80.