The 43-year-old actor will helm as well as star in the film, which tells the story of Biblical characters Cain and his brother Abel, reported Deadline.
Cain and Abel were the sons of Adam and Eve with the former committing the first murder by killing his brother.
The original title for the film was 'The Legend of Cain'.
"World Trade Center" writer Andrea Berloff is rewriting Smith's brother-in-law Caleeb Pinkett's original script, which had Cain as a vampire.
This Cain and Abel film adds to the pile of Biblical epics in the making. Darren Aronofsky's "Noah", which starts production in a matter of weeks is one of them.
The film stars Russell Crowe as the titular ark builder.
Also in development is a Moses project, which will be directed by Steven Spielberg called "Gods and Kings".
