The 54-year-old House of Cards actor donned a lungi, or sarong, and was joined by Bollywood stars Shahid Kapoor, Deepika Padukone and Farhan Akhtar for an impromptu performance to Yo Yo Honey Singh hit "Lungi Dance."
Spacey also snapped a selfie with Deshmukh, Anupam Kher, Aftab Shivdasani, Priyanka Chopra, Arshad Warsi, Rajeev Kapoor and Boman Irani at the ceremony.
The International Indian Film Academy awards honor and recognize those in the Bollywood film industry. The first ceremony was held in London in 2000, and the event takes place in a different city each year. Biographical sports drama Bhaag Milkha Bhaag won Best Picture at this year's ceremony in Tampa Bay, Fla.
2014: The Year in Music [PHOTOS]