The comedy is co-written by Seth Rogen (Green Hornet) and Evan Goldberg, directed by Akiva Schaffer (Saturday Night Live) and produced by Shawn Levy (Date Night, Night at the Museum).
The story follows a city-dweller who moves to the suburbs and joins his neighborhood watch, only to discover a conspiracy to destroy the world.
Vaughn and Stiller have worked together on Anchorman, Zoolander and Starsky & Hutch.
Jonah Hill will next appear opposite Brad Pitt in true-life baseball drama Moneyball, which premieres next month at the Toronto Film Festival. He also stars in the comedy The Sitter with Sam Rockwell, directed by David Gordon Green (Pineapple Express).
Vaughn will star in 2012’s Lay the Favorite, a comedy directed by Stephen Frears (The Queen) and co-starring Bruce Willis and Rebecca Hall (The Town), about a young woman who becomes involved with a group of fifty-something men who work Las Vegas to their advantage.
Stiller is scheduled for Tower Heist with Eddie Murphy, an action comedy about a group of workers who fall victim to a businessman’s Ponzi scheme, in theaters November 4.