The actor will take on the role of a father whose son gets the daughter of his inseparable best friend pregnant, rupturing their friendship, according to Deadline.
Vince Vaughn will take on the other lead of the college friend in the comedy written by The Break-Up writer Jeremy Garelick.
The Insane Laws also marks Garelick's directorial debut, reuniting Vaughn and Bateman who both appeared in The Break-Up.
Bateman will next be seen in the buddy body-swap film The Change-Up, co-starring with Ryan Reynolds.
The Arrested Development star recently said that he is keen to get started on the film adaptation of the television series.
Watch the trailer for The Change-Up below: