The statue – normally held in a family chapel in Los Naranjos, Argentina – began shedding red ‘tears’ during Lent, onlookers said.
Pictures of the figure – the Virgin Inmaculada Concepcion de Maria – show red liquid flowing from its left eye and down its cloth robes.
It has since been transferred to the local Catholic Church where more devotees can worship and pray to it.
Priest Ricardo Quiroga explained: “A lot of people come here to pray and light several candles devoted to the Virgin.”
He added: “The first impression is that it is blood on the face of the Virgin, from the left eye.
“Also the dress she is wearing is also totally stained this same red colour.”
The owner of the statue – not named in local media – said before the blood tears, Mary had visited him in a dream.
He said: “It was the first time something like this has happened and I was very scared. I thought it was some kind of punishment.”
Now church officials are waiting for the statue to weep again so they can report it as a miracle.
Father Ricardo said: “If she cries again, we need to do something at a high level in the church.
“Maybe we would need to send her to be evaluated.”
He added: “The Virgin is asking us to change the way we live now for Lent.”