This Letter addresses the statistical modeling of dual-polarized MIMO-LMS fading channels. In the absence of accurate experimental results, a statistical model for the characterization of MIMO-LMS channels is proposed based on consolidation of available experimental results for SISO-LMS and MIMO wireless channels as well as on their extrapolation to the MIMO-LMS case of interest. Moreover, a step-by-step methodology for the simulation and time-series generation of the proposed MIMO-LMS channel model is provided, which is useful for the design and performance assessment of MIMOLMS transmission systems. The proposed model incorporates the effects of all relevant critical channel aspects in a flexible and fully-parameterized way.