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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 MIMO-LMS transmission systems. The proposed model incorporates the effects of all relevant critical channel aspects in a flexible and fully-parameterized way.