After dropping American Hill, 32, with a left hook, 36-year-old Pereira of Brazil ended the bout with many ground blows.
Over the course of an incredible two and a half years, Pereira has already won seven of his eight UFC fights.
“When I step into the octagon I don’t see myself as champion,” Pereira stated.
“In my personal life, I act in the same manner. I never allow this belt to slide over my head.”
At the T-Mobile Arena, Max Holloway produced the fight of the night when, in the closing seconds of their lightweight match, he stopped fellow American Justin Gaethje to win the BMF title.
With 10 seconds remaining, Holloway, 32, gestured to the ground, daring Gaethje to get up and trade blows. With the final second, the duo swung furiously until Holloway knocked him out.