Backed by Fox Star Studios, Panga, which also stars Kangana Ranaut, Neena Gupta, and Jassie Gill, is an upcoming biopic of popular southern actress Shakeela.
Excited about the film, both actors took to social media to share the news of their casting.
Richa wrote: "My family means the world to me. Thanks Ashwini Iyer Tiwari and Fox Star Hindi, you guys made sure I have another family to call my own. Ready for some more panga? Panga stories."
Pankaj posted a family picture on Twitter and wrote: "While I'm blessed to have my family, I'm excited to be a part of my new 'Panga' family."
Panga is scheduled to release in 2019.