Los Angeles street artist Plastic Jesus created the golden statue, depicting the producer holding an Academy Award.
The Oscar-winning producer is facing multiple claims of rape, intimidation and sexual harassment.
Weinstein has denied all allegations of non-consensual sex that have been made against him.
The artist known as Plastic Jesus placed his installation next to Elvis Presley's star on Hollywood's Walk of Fame on Thursday.
The stunt follows another action by fellow street artist Sabo, who covered three LA billboards with tarpaulins this week that accused the film industry of covering up child abuse.
Sabo's provocation follows a number of protests inspired by the billboards featured in Oscar hopeful Three Billboards Outside Ebbing, Missouri.
Plastic Jesus - who, like UK artist Banksy, maintains his anonymity - said his statue took two months to produce and was paid for by donations.
The artist's other stunts include building a tiny wall around Donald Trump's Hollywood star and street signs "banning" members of the Kardashian family from parking.
Weinstein's mock-comeback came on the same day it was confirmed that the company he co-founded has been saved from bankruptcy.
The Weinstein Company will now be run by a largely female board after an investor group, led by the businesswoman Maria Contreras-Sweet, paid $500m (£362m) for its assets.
The 90th Academy Awards will be held on Sunday at the Dolby Theatre in Hollywood.
BBC
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