Cramer noted that Facebook's top executives, including CEO Mark Zuckerberg and COO Sheryl Sandberg, have been notably silent for days after weekend revelations that Cambridge Analytica, which worked on Facebook ads for President Donald Trump, harvested the data from more than 50 million users of the social network without their permission.
"It's time for a so-called internal special prosecutor," said Cramer, whose charitable trust owns shares of Facebook. "This is what happens when you're this late. You've got to bring in much bigger guns."
Facebook's stock fell for the third straight day Wednesday as the fallout from the data breach scandal continues.
On Tuesday, a report said the Federal Trade Commission is investigating whether the use of personal data from Facebook users by Cambridge Analytica violated a consent decree the tech company signed with the agency. Additionally, Zuckerberg was summoned by British lawmakers to give evidence related to the company's links to Cambridge Analytica.
"Zuck is no longer enough," Cramer said on "Squawk on the Street." The longer Facebook waits, it could end up being like Wells Fargo's scandal or Equifax, he argued.
Zuckerberg plans to make a statement on the data fiasco in the next 24 hours. Axios, which first reported the news, said Zuckerberg wanted to say something meaningful rather than pushing out a comment quickly.
Facebook did not immediately respond to CNBC's request for comment.