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The St. Trinian's actress joins the already cast Kate Hudson and Gael Garcia Bernal in director Nicole Kassell's drama.
Earthbound centres on a woman (Hudson) who is stricken with cancer before meeting a new love interest. Punch is to play the woman's best friend.
She next appears in the comedy Young Americans, to be released in US cinemas this month.
The 32-year-old has several other projects lined up as well, including roles in Paramount-DreamWorks-Spyglass comedy Dinner for Schmucks and Woody Allen's You Will Meet a Tall Dark Stranger.
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