The film, which was fully financed by Exclusive, was written by Allan Loeb and Steven Pearl.
Along with Exclusive, the film is being produced by Loeb and Pearl through their company, Scarlet Fire Entertainment, and by Tish Cyrus, Miley's mother.
"We're excited to be working with Miley Cyrus as she transitions from child phenomenon to grown-up star. She's got charisma and talent to burn, and 'So Undercover' shows her to be a deft comedic actress," TWC Chief Operating Officer David Glasser said in a statement Wednesday.
The film is set for release in U.S. theaters in October.