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Studio Lionsgate announced the official US date, which comes ahead of the Martin Luther King holiday weekend.
Last Stand sees Schwarzenegger playing a disgraced Los Angeles policeman who is moved to a small town, only to find himself tackling a major drug lord and his biker gang escorts.
Schwarzenegger's character is the only person that can stop the criminal and his entourage crossing the border.
A Lionsgate executive recently told Deadline: "It's an old-fashioned Western specifically designed for a 63-year-old broken-down guy with a moral decision - whether Arnold decides to stand up for his town. We always needed an iconic figure for it."
South Korean director Kim Ji-woon will start shooting the film in September. Ji-woon has previously directed The Good, the Bad, the Weird and I Saw the Devil.
Watch Arnold Schwarzenegger in The Expendables below:
