The 14in statue was found in a delivery crate at Bogota airport, reports the BBC.
The crate was in an airmail warehouse waiting to be sent to an address in Spain, airport anti-drug chief Jose Piedrahita said.
The World Cup replica was made up of 11kg of the drug, mixed with acetone or gasoline to make it mouldable.
The gold-painted statue was found on a routine sweep of the airport, authorities said.
Meanwhile, a submarine built by drug-traffickers was found in Ecuador before its maiden voyage.
The submarine, capable of carrying tonnes of cocaine, was discovered in a river near the border with Colombia, the US Drug Enforcement Agency said.
The camouflaged 100ft vessel has a conning tower, periscope and air-conditioning system.
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Lab tests have revealed that a replica World Cup trophy seized by police in Colombia is made out of cocaine.