Continuity mistake: The monkey that falls into the hole where Jaguar Paw's wife and son are, isn't in the next scenes. What became of it? There were no remnants to show it had been eaten. Nor was there anyway for them to dispose of it.
Continuity mistake: When the main hunter's son is killed by Jaguar Paw seven additional hunters run up to join him. In the next scene and throughout the chase there are eight hunters along with the one in command.
Answer: It's a sign of the warrior passing over to death. When the warrior removed Jaguar Paw's necklace just before setting him free, it was a way of telling him that his life was going to be over soon.