The actress has been dealt a series of legal and image blows following a number of poor decisions she has made over the past 18 months.
At present she faces jail time for violating her probation on a jewellery theft charge by allegedly lying to police officers about a 2012 car crash, and she recently came under fire for tearing a designer dress she was loaned for a charity event.
Now Sheen, who has helped Lohan settle tax debts with cash hand-outs, believes his past experiences could be invaluable to the Mean Girls actress.
He tells Tmz.com, "I have a kinship with somebody who clearly needs a mentor, whether she wants one or not. She can continue to hang out with her dress-shredding club buddies, or turn to me for some advice... a guy who's been down the road as well as every other side trail on the journey."
He adds, "If she listens, she'll win. If she doesn't, that's on her."
Sheen and Lohan struck up an unlikely friendship while working together on Scary Movie 5, and she will be appearing on an upcoming episode of his sitcom Anger Management.