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The Irish actor, known for last year's Saltburn, as well as performances in The Banshees Of Inisherin and Dunkirk, will appear alongside Oscar-winner Cillian Murphy, star of the original show.
Keoghan, 31, is the latest high-profile star announced for the film, with Dune and Mission Impossible actress Rebecca Ferguson previously confirmed.
No further details about Keoghan's role have been revealed.
Peaky Blinders followed the notorious Shelby family, a gang rising to prominence in the "lawless streets" of post-First World War Birmingham.
The BBC show, created by Steven Knight, ran for six series from 2013 to 2022.
The film was announced in June. "It seems like Tommy Shelby wasn't finished with me," said Murphy, referencing his character. The 48-year-old will also co-produce the film. "This is one for the fans," he added.
At the time, Netflix shared a photograph of a bulky script, titled A Peaky Blinders Film, to reveal the news.
The film will be helmed by season one director Tom Harper.
Production is set to begin in Birmingham in September, Knight confirmed in June, with the storyline taking the family into the Second World War. He previously said it will be an "explosive chapter", with "no holds barred".
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Murphy's performance as Shelby raised his profile further after appearances in films including The Dark Knight Batman franchise, Inception and 28 Days Later.
He then swept awards ceremonies earlier this year for his starring role in Oppenheimer, released in 2023.
As well as his Oscar, he took home a Golden Globe, a BAFTA and a Screen Actors Guild award for his turn as physicist J Robert Oppenheimer in Sir Christopher Nolan's biopic.
Keoghan was named best supporting actor at the BAFTAs in 2023, for his role in The Banshees Of Inisherin, and was also nominated in the same category at the Oscars that year. He was nominated for best actor at this year's BAFTAs, for his performance in Saltburn.
He is reportedly dating singer Sabrina Carpenter, who has become a household name this year thanks to hits including Espresso and Please Please Please from her sixth album, Short n' Sweet, released last week.