The statue has been named "Christ the Protector" and is expected to be ready by the end of the year.
It has been funded by donations and will be the highest in Brazil.
When the statue is finished, visitors will be able to take the elevator to a viewing deck that will be at about the same height as Jesus' chest.
Brazil hopes that the statue will inspire faith and that it will contribute to increased tourism.
See the construction of the giant statue in the clip above.