Van Peebles is directing the pulp thriller with Cybill Shepherd on deck to join Snipes in the cast, The Hollywood Reporter said.
"Hard Luck" will follow three converging story lines involving bootleggers, a serial killer and drug dealers, The Reporter said.
Snipes will play a former drug dealer who is trying to go straight but comes across a stash of stolen drugs. Shepherd will play Cass, a middle-aged suburban housewife with a hidden sadistic streak.
Celebrity Families of 2014 [PHOTOS]