James Cameron will produce through his Lightstorm Entertainment banner along with Rae Sanchini and Barry Josephson.
Dana Stevens penned the script.
Pic is based on the true story of free-divers Francisco "Pipin" Ferreras and his wife Audrey Mestre, who competed to travel as deeply as possible underwater on a single breath of air. Lawrence will play Mestre.
It's unknown when Lawrence would shoot the film as the actress is about to begin work on another biopic, "Joy," which starts lensing next month.
Both Jennifer and Francis Lawrence are repped by CAA, while Francis is also repped by 3 Arts. The news was first reported by the Wrap.