The 50-year-old actor, who was keen to join Jeff Daniels' follow-up to the hit 1994 movie, has now left the project after becoming frustrated by the lack of enthusiasm of New Line and Warner Brothers, reported Contactmusic.
The movie, tentatively titled "Dumb and Dumber To", had been scheduled to begin shooting in September, but the future of the project is now said to be in doubt.
"I would have thought 'Dumb and Dumber To' was a no-brainer. After all, it's implied in the title," said Carrey.
Last year, Carrrey had said he was keen to make a "Dumb and Dumber" sequel.