Waller-Bridge is best known for creating and starring in comedy series Fleabag. She also portrayed droid L3-37 in Lucasfilm's Solo: A Star Wars Story in 2018.
Indiana Jones 5 is being directed by James Mangold, after Steven Spielberg directed the previous four installments in the action-adventure series.
"I'm thrilled to be starting a new adventure, collaborating with a dream team of all-time great filmmakers. Steven, Harrison, Kathy, Frank and John are all artistic heroes of mine. When you add Phoebe, a dazzling actor, brilliant creative voice and the chemistry she will undoubtedly bring to our set, I can't help but feel as lucky as Indiana Jones himself," Mangold said in a statement.
Indiana Jones 5 is set to hit theaters on July 29, 2022. The last entry, Indiana Jones and the Kingdom of the Crystal Skull, was released in 2008.
A new Indiana Jones video game is also in development from publisher Bethesda Softworks and Lucasfilm Games. The title will feature an original story.