The actors, who have an ongoing comedic rivalry on social media, have teamed up with the All In Challenge to raise money for Feeding America, Meals on Wheels, World Central Kitchen and No Kid Hungry.
Fans can donate to the project and enter for a chance to have their family run a lemonade stand with Reynolds and Jackman. All proceeds from the lemonade stand will go to first responders.
The All In Challenge has celebrities auctioning off experiences in order to provide food for children, the elderly and frontline workers during the COVID-19 pandemic.
"So, I've agreed to trust that Ryan can hold his tongue for one day. A (very) temporary cease-fire for the @allinchallenge," Jackman said on Twitter alongside a video of himself and Reynolds announcing the project.
Jackman and Reynolds have enjoyed poking fun at each other for years on social media. Both stars appeared together in 2009's X-Men Origins: Wolverine. Reynolds has also frequently made fun of Jackman in his Deadpool films.