The 28-year-old was accused of raping a 24-year-old woman in a bedroom at his multi-million pound mansion in Cheshire in October 2020.
Mendy was also accused of the attempted rape of a 29-year-old woman, who claimed that he had also molested her at his home two years earlier.
The France international, who has denied both charges, was found not guilty by the jury of six men and six women at Chester Crown Court, claiming the encounters had been consensual.
The verdict comes after Mendy was cleared of six rape charges following a six-month trial which concluded in January.
Mendy is said to have been in tears after hearing the verdict before being released from the dock at Chester Crown Court.
Mendy walked out in front of the media and said: "Alhamdulillah" (Thank God) before refusing to respond to multiple questions put to him by reporters.
A statement on Mendy's behalf from Jenny Wiltshire, head of serious and general crime at Hickman & Rose, read: "Benjamin Mendy would like to thank the members of the jury for focusing on the evidence in this trial, rather than on the rumour and innuendo that have followed this case from the outset.
"This is the second time that Mr Mendy has been tried and found not guilty by a jury. He is delighted that both juries reached the correct verdicts.
"It has been almost three years since the police started investigating this matter. Mr Mendy has tried to remain strong but the process has, inevitably had a serious impact on him.
"He thanks everyone who has supported him throughout this ordeal and now asks for privacy so he can begin rebuilding his life."
Mendy was released by Man City at the end of June upon the expiration of his contract, six years after joining the Premier League champions from Monaco for a reported £52m.