Bush and Bin Laden are sold as a set
About 5,000 dolls have been sold on the US-based internet site herobuilders.com.
Sales are less brisk for the two other figurines in the war on terror set - Tony "the Ally" Blair and Rudy "the Rock" Giuliani.
Bin Laden's likeness has been dubbed a "villain action figure" and is usually sold with George "make no mistake about it" Bush.
The al-Qaeda leader is also available dressed in a pink tutu and carrying a handbag. Another Bin Laden effigy is small enough to be clutched in the Bush doll's hand.
Creator Emil Vicale said he came up with the idea to produce Blair, Bush and Giuliani dolls, all dressed in soldiers' outfits, just a few weeks after the 11September terror attacks.
"These three guys saved the world that day," he said. "I thought, why give kids an action man when they could have real heroes to play with?"
Mr Vicale had not originally planned to offer a Bin Laden doll, but eventually caved in to constant demands from consumers.
"I'm still a little uneasy about Osama, but people were desperate to have the villain to go with the hero," he said.
He added that White House lawyers are concerned about his business venture, and have warned him that the Bush model may breach proper-use laws covering the US President.