Royal Stag is the flagship brand from Pernod Ricard India and the actors will star in a new campaign starting this month.
"I've always identified with Royal Stag's philosophy of - 'It's your life. Make it large'. I believe in giving my 100 percent to everything that I undertake," Ranveer said in a statement.
Arjun is also "thrilled" and said he also believes in the brand's philosophy of "making each moment count, giving it all and taking chances to make it large in life."
"For me, it's important that you feel passionately about what you do and what you represent," he added.
While Ranveer and Arjun are the latest faces of the brand, superstar Shah Rukh Khan will continue to endorse it.