Figueroa made the remark during an entertainment show segment about a makeup artist.
While Obama's image appeared on-screen, he said -- in a translated version of his Spanish comment -- "Mind you, you know that Michelle Obama looks like she's part of the cast of Planet of the Apes, the film."
Co-host Raul de Molina, who reportedly appeared shocked, quickly complimented Obama, saying that she's beautiful.
In an open letter to the first lady yesterday, Figueroa claimed that he was fired because of a complaint from the White House, which Univision denied.
He said his comments were meant to criticize the unflattering work of Obama's makeup artist, which he contended the "full video clip in context shows," and stated he's not a racist, citing his biracial Latino family. But he said there was still no excuse for what he'd said because of how it could be interpreted, and added that he voted for President Obama twice.
The first lady's office didn't comment.