The story centers on a James Bond type, played by Mark Strong, who is forced to go hide in his hometown and team up with his English football hooligan brother, played by Baron Cohen.
The cast already includes Rebel Wilson, Ian McShane, Gabourey Sidibe and Annabelle Wallis, among others.
Much of the character information is being kept under wraps but sources say Cruz will play a philanthropic corporate leader who may (or may not) be more than she seems.
Baron Cohen, Phil Johnston and Peter Baynham wrote the script. Baron Cohen also is producing with Nira Park.
The movie is shooting this summer in the United Kingdom and South Africa.
Cruz was part of the all-star cast in last year’s drama The Counselor. She is repped by CAA and Untitled Entertainment.