Netflix confirmed Wednesday that Hart, 41, and Snipes, 58, will star in True Story, a limited series from Narcos and Narcos: Mexico executive producer Eric Newman.
Newman will write and executive produce the eight-part series, which is produced by Hart's HartBeat Production company. Hart will also serve as an executive producer.
"Kevin Hart's career is one defined by courageous creative risks and Wesley Snipes is a legendary talent -- together they are truly a dream team," Newman said in a statement. "I am absolutely thrilled to be working with these two."
Hart will play Kid, a world-famous comedian and fictionalized version of himself, with Snipes as Carlton, Kid's wayward older brother. The series follows Kid after a lost evening with Carlton threatens to destroy everything he's built.
"I've never been more excited about an acting project in my career," Hart said in a statement. "I've always been a fan of Wesley Snipes and working with him is mind-blowing."
"Having HartBeat Productions at the helm and working alongside Eric Newman as a partner and creative arm has been unreal, nobody is ready for what this show is going to be," he added.
Stephen Williams will direct and executive produce the first four episodes, with Hanelle Culpepper to direct the final four episodes.