Sharma, best known for his chat show 'Comedy Nights With Kapil', had a three-film contract with YRF and was slated to star in 'Bank-Chor', but the production house recently announced that he was no longer a part of the movie.
The film is scheduled to go on floors immediately and is planned for an early 2015 release.
Riteish, 36, has done a number of comedy films such as 'Grand Masti', 'Kya Super Cool Hai Hum', 'Housefull' and 'Humshakals'. He earned critical acclaim for his villainous turn recently in 'Ek Villain'.
"Riteish is one of the most exciting actors of today. From villainy to action in his upcoming 'Lai Bhaari', there is nothing he can't do! And with 'Bank Chor', Riteish is in a zone that is a serious strength - comedy! He adds the scale, madness and weight that this project deserves. The audiences are in for one hell of a ride now," said Ashish Patil, Business & Creative Head, Youth Films.
'Bank-Chor' will be directed by Bumpy and produced by Ashish Patil.