The attacker, who was reportedly yelling and aggressively gesturing toward the wax statue, proceeded to stomp on the decapitated head, an NBC affiliate in New York reported.
The suspect was described by police as white or Hispanic and in his 20s or 30s, according to Page Six. The outburst caused an estimated $300,000 in damages.
The attacker -- who was reportedly wearing a black jacket with a hood and blue jeans -- fled on foot and exited the museum before anyone noticed the destruction.
Motive for the attack remains unclear. Prices for the attraction range between $25 and $40, which would make it an expensive act of vandalism.
Diddy's likeness was unveiled at Madame Tussauds Wax Museum in December 2009. The figure, which rocks a crisp white tuxedo, was modeled after Diddy's dapper look from an advertisement he appeared in for his fragrance, I Am King, in 2008.