The Dark Knight Rises star will join actors Jeremy Renner, Bradley Cooper and Amy Adams in the ensemble drama written by Russell and Eric Warren Singer.
According to The Hollywood Reporter, the as-yet-untitled film is based on a true story about a financial con artist and his mistress who worked with a federal agent in order to nab other criminals.
Producer Charles Roven has said of the project: "David has put together an incredible ensemble of actors for what is going to be a powerful and emotional drama about one of the most memorable cast of characters in recent history."
Filming will commence in February of next year in New York and New Jersey.
Bale, who was also recently seen in The Flowers of War, has collaborated with Russell in the past on The Fighter, which earned him an Academy Award for 'Best Supporting Actor'.