The statue was unveiled at a ceremony where Messi was holding a replica of the World Cup trophy.
Messi, who led Argentina to victory in the World Cup last year in Qatar, now stands alongside his predecessor Diego Maradona and Brazilian great Pele at the museum.
The life-size statue was unveiled before the Copa Libertadores draw on Monday.
In his speech, Messi said he never dreamed of such an honour and his only dream was to become a professional soccer player and enjoy the game.
He urged young players to fight for their dreams and said that everything is possible.
The Argentine Football Federation also renamed the national team's training facility after Messi on Saturday, and on Tuesday, he has the chance to become the first Argentina player to score 100 international goals in a friendly against Curacao.
Messi has scored 99 goals for his country and is widely regarded as one of the greatest football players of all time.
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