Iribe announced his resignation in a Facebook post on Monday.
"So much has happened since the day we founded Oculus in July 2012. I never could have imagined how much we would accomplish and how far we would come. And now, after six incredible years, I am moving on," Iribe said.
Iribe joined Facebook when the company acquired Oculus, a virtual reality company, in 2014 for $2 billion, CNBC reported.
The Instagram Co-founders and Iribe are not the only founders of notable start-ups acquired by Facebook to leave the company.
Facebook CEO Mark Zuckerberg's goal to monetise WhatsApp earlier forced the social media messaging service's co-founders to leave the company.
One of them, Brian Acton, told Forbes that Zuckerberg was in a rush to make money from the messaging service and undermine elements of its encryption technology.
WhatsApp Co-founder Jan Koum left Facebook in April.