Peters, 44, is taking a break from his Almost Famous World Tour to shoot the film. Alex Meneses, who is featured in Eva Longoria's upcoming NBC show "Hot and Bothered," will also star in the movie, reported Variety.
The logline is being kept under wraps. Brad Epstein is directing wrote his screenplay with Billiam Coronel.
Pelican Point Media has worldwide rights to finance, produce and distribute, and the film will be produced by Ike Suri, Epstein and Javier Chapa.
Peters appeared as a judge on the eighth season of "Last Comic Standing" and in Jon Favreau's "Chef."
Epstein produced "Ghosts of Girlfriends Past", "Dan in Real Life" and "About A Boy."
He also served as president of production at Robert De Niro's Tribeca Productions.