Footage of the phenomenon, which worshippers have described as a 'miracle', was recently shared online.
According to reports, the statue, which is situated in El Canal in the Mexican state of Colima, has since drawn hundreds of people to the region, with visitors flocking to the church in the hope of catching a glimpse of the alleged miracle for themselves.
Witnesses who first reported the phenomenon described seeing the eyes of the statue turn red before water began to fall from them like tears.
Video footage of the spectacle has already racked up thousands of views online.
Some of the local people have come to interpret the weeping statue as a divine call against violence in the state with the month of October alone seeing 702 homicides, according to official figures.
Others, meanwhile, such as Italian chemist Professor Luigi Garlaschelli, believe that there is a more conventional explanation.
In particular, he believes that some statues can retain water over time which then leaks out through small cracks and fissures, giving the appearance of tears.
You can check out some of the footage of the phenomenon for yourself below.