The low-budget project, which Hostel director Roth co-wrote with Nicolas Lopez and Guillermo Amoedo, centres on a devastating natural disaster that hits Chile. The quake strikes an island that houses an insane asylum, causing the inmates to break free.
The movie will follow on from The Last Exorcism and be released under the 'Eli Roth Presents' banner.
Lopez will direct Aftershock with Roth in the lead role, and his past collaborators Ariel Levy, Nicolas Martinez and Lorenza Izzo among the supporting cast. Music star Gomez, who starred in the recent Monte Carlo, signed up for a cameo role after visiting Chile for a concert.
"This collaboration marks the beginning of what we call Chilewood, making genre films for the global market using all the resources Chile has to offer," Roth said.
"We are making a smart elevated disaster genre movie with superb production value, something really big. The film's going to be very scary, very intense, and very real."
The Weinstein Company and Relativity Media are reportedly in talks with Aftershock's producers about securing distribution in the US.
Watch Eli Roth in the trailer for Inglourious Basterds below: