The young actor will play Cam, a bike messenger in New York who owes money to a crime gang. Cam is introduced to the world of parkour by "a sexy stranger" who he crashes into with his bike, reports Deadline.
The project will be directed by Daniel Benmayor and Twilight producers Mary Bowen and Wyck Godfrey.
"We had a remarkable experience with Taylor on Twilight and look forward to bringing Cam to life," Godfrey stated.
FilmNation Entertainment is looking for international buyers with a possible domestic deal in the pipeline, according to the reports.
Lautner previously appeared in another action thriller movie, Abduction, released in 2011.
Watch Taylor Lautner and co-star Lily Collins talk about Abduction with Digital Spy below: