The phenomenon has been hailed as a miracle, prompting an investigation by church officials.
According to reports, the statue, which is located at a family-owned church in Morelia in the state of Michoacan, began to cry what looked like tears of blood back on June 2nd.
The statue depicts Our Lady of Guadalupe - one of five apparitions of Mary dating back to the 1500s.
Unsurprisingly, the alleged miracle quickly attracted a great deal of attention and saw crowds of people flock to the church for the opportunity to see the statue for themselves.
"I felt a sensation that I haven't felt before, like a joy but also a real sadness because she is telling us, what will happen only she knows, it is a miracle and hopefully it is a miracle that is good for everyone," one of the locals was quoted as saying.
Church officials are now conducting an investigation into the phenomenon.
"It is necessary to highlight the need for caution when approaching an issue as delicate as that of an alleged miracle," the Archdiocese of Morelia said in a statement.
"[We are] taking the necessary measures to investigate the situation in a deep and exhaustive manner. Therefore, it is too early to issue a definitive position on the matter."
"It will be the ecclesiastical hierarchy itself that confirms the team that will carry out the detailed study of the case, so, as soon as there is any relevant report or conclusion, it will be made public knowledge."