The statues are part of the Greater Philadelphia Tourism Marketing Corporation's Phanatic Around Town promotion. The promotion was unveiled in March of this year.
The 20 statues each stand 6 feet tall and weigh about 100 pounds. They were painted by local artists and placed around Philadelphia.
The vandals struck the statue located in Franklin Square Park in the 200 block of North 6th street overnight.
Police say both legs of the Phanatic Statue are damaged. Police tell Action News two homeless men were arrested for the incident after an eyewitness called authorities.
They were taken into custody.
The damage is estimated to be at around $3,000.