The actor will be playing Atlas, a business titan and arms manufacturer who is considered to be the universe's most powerful person.
The storyline is being kept under wraps for the time being, but if it follows the role-playing first-person shooter game, then it'll be set in the future on the abandoned planet of Pandora, where people are in search of a mythical alien vault.
Director Eli Roth said it was an "incredible honour" to have Ramirez join the cast (via Variety).
"Atlas has to be a truly magnetic personality, someone with charisma and charm but that air of menace underneath it all. I've been a fan of Edgar's since his early performances and he continues to amaze me with each dramatic turn.
"We want to create something wild, fun, and very different from anything they've seen from Edgar before. I am so, so excited to work with him."
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