Hollis was trying to unseat Democratic incumbent Senator Mary Landrieu in the fall.
Hollis announced via his campaign's Facebook page his decision to drop out.
"After prayer and thoughtful consideration, I have decided to withdraw from the U.S. Senate race in Louisiana. I am thankful for the outpouring of support from voters throughout the state and truly appreciate the tireless efforts of our campaign's staff and volunteers.
While my run for the U.S. Senate has come to an end, my desire to advance the conservative agenda is stronger than ever. In the weeks and months ahead, I will continue to fight for candidates and causes that will move Louisiana and America forward. Together, we can end Mary Landrieu's liberal reign in Washington and ensure a brighter future for generations to come."
Republicans Bill Cassidy and Rob Maness are also running for U.S. Senate.
The race is set for November 4.
Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.