Set in the 1970s and 1980s, the film is about Bikram and Bela who rose from being small time wagon breakers and coal thieves to becoming the biggest and most powerful black marketing mafia-men.
After doing "Band Baaja Baraat" and "Ladies vs Ricky Bahl", this will be Ranveer's third movie with Yash Raj Films (YRF) banner and the same goes for Arjun, who did "Ishaqzaade" with them and also signed "Aurangzeb".
However, for the first time the two actors are coming together on screen.
The leading lady of the movie is yet to be decided.
Zafar's directorial debut "Mere Brother Ki Dulhan" was a hit of 2011.
To be produced by Aditya Chopra under the YRF banner, "Gunday" will go on floors in December.