The story revolves around three police officers and a career criminal who must navigate their way through a web of conspiracy after a murder.
Farrell plays Ray Velcoro, a compromised detective whose allegiances are torn between his masters in a corrupt police department and the mobster who owns him.
Vaughn plays Frank Semyon, a man in danger of losing his criminal empire when his move into legitimate enterprise is upended by the murder of a business partner.
Additional casting will be announced as it is confirmed.
The series is created and written by Nic Pizzolatto, and Justin Lin has been tasked to direct the first two episodes.
The eight-episode hour-long drama is set to begin production later this fall in California and will air in Asia within the same day of its US premiere.