But instead of the usual bucket of ice water that participants have had to dump on their heads, Sheen showers himself with $10,000 in cash, which he said he would donate to the ALS foundation.
"Let's face it. Ice is gonna melt, but this money is actually going to help people," Sheen said in his video, released by TMZ.
Sheen joins the ranks of some of the biggest names in entertainment who have taken part in the challenge, including Oprah Winfrey, Steven Spielberg and Justin Bieber (though some noted Bieber had no ice in his bucket).
The challenge, which swept through the internet like a frosty tidal wave and has so far raised $15.6 million in donations for the ALS Association, involves people videotaping themselves dumping a bucket of ice water on their heads, posting the video online and then nominating three others to do the same within 24 hours. If those challenged don't take up the challenge, they're supposed to donate at least $100 to the association.
The money will be used in the fight against amyotrophic lateral sclerosis, a degenerative disease of the central nervous system that is usually fatal.
In an eyebrow-raising gesture, Sheen nominated Two and a Half Men's Jon Cryer, Chuck Lorre and AshtonKutcher to match his move.
Sheen had publicly criticized Cryer and Lorre when he was fired from the television show in 2011. He was also critical of Kutcher, who replaced him in the series.