Fishburne and Reno will join Milo Ventimiglia (Heroes) and Matt Dillon in the thriller.
The film, which will be directed by Nimrod Antal, follows the story of a young armored car driver, who is persuaded by his older colleagues to steal the contents of a truck which are worth $10 million.
Columbus Short (War of the Worlds), Fred Ward (Sweet Home Alabama) and Skeet Ulrich (As Good as It Gets) also star in the film, which was written by James V. Simpson.
Armored is expected to be released in 2009.