The statue's head and part of its torso were broken off and smashed against the wall of the Falcone-Borsellino school in Sicily’s capital.
Italian Premier Paolo Gentiloni took to social media to blast the act of vandalism.
"Insulting the memory of Falcone is a wretched exhibition of cowardice," he wrote on Twitter.
Falcone was assassinated by Sicilian mafia Cosa Nostra along with his wife and three members of his security detail in a bomb blast in May 1992.
His close friend and colleague, Paolo Borsellino, was murdered by the mob in an attack the following July that also claimed the lives of five policemen.
With ANSA