The UTV Motion Pictures project pairs the two actors, who last shared screen space in The Dirty Picture.
The movie is directed by No One Killed Jessica and Aamir filmmaker Rajkumar Gupta.
Ghanchakkar narrates the story of an ex-conman and his ambitious wife. The plot, which has been described as "madcap", marks Balan's first performance in a comic role.
The film's music has been composed by Amit Trivedi, with lyrics by Amitabh Bhattacharya.
Hashmi and Balan's earlier collaboration The Dirty Picture had its Indian television premiere postponed following censor board delays.
Ghanchakkar is scheduled to release on June 21, 2013.
Watch the teaser trailer for The Dirty Picture below: