Simon Brand is on board to direct with shooting expected to start in March.
Producers are Alexandra Milchan, Scott Lambert of Management 360, Randall Emmett, George Furla, Marina Bespalov of Aldamisa Entertainment and Michael London of Groundswell. Aldamisa is financing and selling worldwide rights.
London developed the story of an American real estate magnate living in Brazil who is kidnapped and held for ransom at a prison cell hidden in a Sao Paolo landfill while a detective specializing in ransom cases tries to find him.
Brand also directed “Unknown,” a 2006 thriller starring Jim Caviezel, Greg Kinnear, Bridget Moynahan, Joe Pantoliano and Barry Pepper and centered on group of men kidnapped and locked in a factory.
Schwarzenegger had been attached to “Captive” when it was first unveiled in 2011 but is no longer attached.
Willis will be seen next in “Sin City: A Dame to Kill For.”