The plan, called "Yes to Disarmament, Yes to Peace," will offer cash to those who anonymously leave weapons at designated drop-off locations, including churches.
Gun owners will get 8,700 pesos ($430) for a revolver, 25,000 pesos ($1,200) for an AK-47 rifle and 26,450 pesos ($1,300) for a machine gun. The firearms are then to be destroyed.
The disarmament plan is part of the government's "integral strategy" for fighting crime.
"Why must we teach our children anything about violence?" Sheinbaum said at a launch event, which featured the symbolic destruction of a weapon by soldiers.
Children attending the event with their parents were able to trade in toy guns for other toys.
The scheme, first floated last month, was published in the country's official government gazette earlier this week.
It has existed in Mexico City since 2019, but now will apply nationwide, and be carried out by the defense, interior and public safety ministries, with support from Mexican religious authorities.
Mexico is plagued by violent crime linked to the multibillion-dollar illegal drug trade.
In 2023, the country recorded 31,062 homicides, 70 percent of which were caused by firearms, according to preliminary data from the national statistics institute.
Mexico tightly controls gun sales, making them practically impossible to obtain legally, and has repeatedly urged Washington to tackle arms trafficking across the border from the United States.
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