The 4 metre by 2.5 metre illuminated poster was installed at about 9 am on Wednesday in a private plot by the highway in Kastel Luksic, just outside the southern Adriatic city of Split.
The head of the HVIDRA branch, Zeljko Strize, said that the 25,000 kuna (3,300 euro) poster was funded by local private business owners and that it was put up in the property owned by Milan Samardzija.
Strize said that the poster was mounted in protest at the intensified search for the general and "his equating with the aggressor's butchers".
The police said that an investigation was under way.