Still, which stands 10ft tall and rises out of the loch, had become a focal point for photographers and tourists at the Perthshire beauty spot.
It was installed in 2014 by sculptor Rob Mulholland after it was commissioned by the nearby Four Seasons Hotel at St Fillans.
Fans of the statue, which is also known as Mirror Man, have reacted angrily to its removal on social media given it attracted people to the area.
Mr Mulholland said he was unaware why the statue had been removed at the weekend and that he was “very saddened” by the decision.
He has vowed to return a statue to the water given the “fondness” expressed over Still.
In a statement he said: “I have been touched by the number of messages and emails I have received from people expressing their fondness for ‘Still’ and their disappointment at his removal. It has been heartening to learn how much ‘Still’ means to so many people.
“I have tried to contact both the previous owner of The Four Seasons Hotel and the current owner to gain a better understanding of the situation but to date I haven’t been able to speak to either party.
I cannot therefore shed any light onto why this decision has been made.
“If however if it is within my powers and, if the community of St Fillans supports the idea, I will do my very best to find a solution and re-install ‘Still’ in the loch. “
The statue was commissioned by Andrew Low, the former owner of the Four Seasons Hotel.
He sold the business earlier this year.
The new owners said they do not have a say on what happened to the statue as it did not belong to them.
It is understood the statue was not included in the sale of the hotel.
Richard Graham, chairman of St Fillans Community Council, said: “It was a great addition to the village and were are very sorry to see it go.”
Efforts are being made to contact Mr Low.