The series will focus on an elite task force comprised of LA's top lifeguards, firefighters and coast guards, who must combine their efforts each week to pull off a daring rescue, according to The Hollywood Reporter.
Expendables star Lundgren will play Captain John Mathews, the team's leader who is both a firefighter and lifeguard and is described as a "reluctant hero".
The first season will run for 20 episodes in syndication, airing on Tribune television stations - including LA's KTLA and New York City's WPIX - from fall 2013.
Tribune has already given Rescue 3 a two-year order for a guarantee of 104 total weeks, with the first season being co-financed by Emmett / Furla Films.
"Dolph Lundgren brings an impressive body of film work into this, his first television series, which capitalizes on his enormous popularity worldwide," said Emmett / Furla co-founder Gregory J Bonann.
"I am excited and honoured to be working alongside Dolph and can't think of a better person to lead our team both on and off camera."
Lundgren, 54, first rose to fame in the 1980s with roles in such films as Rocky IV, Masters of the Universe and The Punisher. His recent credits include 2010's The Expendables and its 2012 sequel.
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Watch a trailer for The Expendables 2 below: