The artwork, a road sign depicting children carrying elderly people on their backs, was strapped to a lamppost on The Beach road in Clevedon, north Somerset.
It is believed to have been installed on Thursday night in the town which is around 13 miles from the artist’s home city of Bristol.
On Friday, Banksy shared an image of the artwork on Instagram. However, just 24 hours later the piece was gone.
“The Banksy sign has now been removed… inevitable I suppose. Nice though for my home town Clevedon while it lasted,” one resident, Julian Simcox, said on Twitter.
“New Banksy in Clevedon and its stolen within a day,” another local speculated.
Thomas Ashley, from 5 the Beach, a cafe located just yards from the lamppost in question, confirmed to The Independent the artwork was removed overnight.
Avon and Somerset Police have been contacted for comment.
It’s Banksy first stunt in Somerset since he was forced to cancel a print giveaway to people who voted against a Conservative candidate in the last general election.
Police launched an investigation after a number of complaints regarding the legality of the offer.