The clip, released Tuesday, depicts how Cavill's August Walker has been assigned to follow Cruise's Ethan Hunt with orders to hunt down and kill him should he step out of line following the events of 2015's Mission: Impossible - Rogue Nation.
Rogue Nation villain Solomon Lane (Sean Harris) has also escaped custody putting Cruise and the rest of the world at risk.
The trailer includes looks at a number of action set pieces including a brawl between Cruise and Cavill and a destructive helicopter chase.
Mission: Impossible - Fallout, from returning director Christopher McQuarrie, is set to arrive in theaters on July 27. Simon Pegg, Ving Rhames, Rebecca Ferguson, Alec Baldwin, Angela Bassett and Michelle Monaghan also star.