The Tempest star will play Abdiel, the angel of death, in the forthcoming adaptation of John Milton's 17th century poem, Variety reports.
Hounsou joins Bradley Cooper, who will play Lucifer, and Benjamin Walker, who will play the archangel Michael.
Paradise Lost focuses on Lucifer, who assembles an army against the forces of good after being thrown out of heaven. The screenplay has been written by Stuart Hazeldine, who wrote and directed the independent thriller Exam.
Director Alex Proyas recently described the film as "a family saga, about a group of brothers, two in particular, who are on divergent paths, and Lucifer's feelings of betrayal by his father and family that forge his descent into evil".
Hounsou welcomed a son with his partner Kimora Lee Simmons in 2009.
Paradise Lost is currently in pre-production and is slated for release in 2013.