The Super 8 star will appear alongside Leonardo DiCaprio and Jonah Hill in the movie, reports Deadline.
Wolf of Wall Street is based on a screenplay by Boardwalk Empire creator Terence Winter, adapted from a memoir chronicling the rise and fall of infamous stockbroker Jordan Belfort.
Scorsese, who will collaborate with DiCaprio for a fifth time on the project, describes the film as a cautionary tale about greed and human nature.
DiCaprio will play the lead role of Belfort, while Hill will portray his best friend and business partner. Chandler joins the movie as an FBI agent tasked with taking Belfort down.
The Wolf of Wall Street begins filming in New York this August.