Pic also stars Shea Whigham, Jonathan Banks, Bill Paxton and William Levy.
Peter Billingsley will direct from a screenplay by A.J. Lieberman who wrote the original graphic novel that he created with Nick Thornborrow.
Story follows a man who plans and sells heists to the highest bidder, but when his latest job goes horribly wrong he finds himself hunted by everyone he knows -- mob bosses, contract killers and dirty cops. With no way out, Nick does the only thing he can think of to help his estranged daughter Cate -- he takes out a life insurance policy on himself with her as the beneficiary.
It's a great plan until he finds out the policy doesn't take effect for 21 days. Now Nick is forced to take Cate on the run and keep them both alive while trying to be a father for the very first time.
Velasquez will play the right hand man of the crime boss out to get Vaughn's character. The pic is Velasquez's film debut.
Vince Vaughn, Micah Mason and Victoria Vaughn are producing for Wild West Picture Show Productions. Kevin Frakes will also produce alongside executive producer Raj Brinder Singh.
The movie is being fully financed by Frakes' PalmStar Media Capital and their partner Merced Media. Universal Pictures will distribute the film.
Velasquez had previously worked on "The George Lopez Show." He is repped by Zinkin Entertainment.
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