TV Guide reports that the actor will play a ruthless consultant named Marty in the project, which is based on the book by Martin Kihn.
Cheadle recently played James Rhodes / War Machine in Iron Man 2 and was Oscar-nominated for his role in 2004 film Hotel Rwanda. His past television work includes a recurring role on ER.
Showtime President of Entertainment David Nevins said: "Don Cheadle is one of the great dramatic actors of our generation. He also happens to be an extremely funny man. House of Lies is the perfect show to take advantage of both sides of him."
Dirt creator Matthew Carnahan will executive produce the adaptation alongside Jessica Borsicsky.
Production on the pilot is expected to begin in February.