The comedy centres on a pair of incompetent slacker mercenaries who find that a terrorist target is related to them, the Los Angeles Times reports.
Good Time Gang marks Landis's feature-length debut as a screenwriter, though he reportedly has several projects in development. He is the 25-year-old son of Ghostbusters helmer John Landis.
Good Time Gang - which will see Hill and Wahlberg team up for the first time - has no director attached yet.
Wahlberg will also be returning to the screen as the Irish-American boxer Mickey Ward in the sequel to the Oscar-winning Fighter.
Watch Mark Wahlberg and Will Ferrell in the trailer for The Other Guys below: