The remake, which also stars Kate Beckinsale and Jessica Biel, sees Farrell take on the role of a factory worker who begins to suspect he's a spy whose memory has been erased.
Total Recall is based on Arnold Schwarzenegger's 1990 science fiction film and Philip K Dick's story We Can Remember It for You Wholesale.
Beckinsale recently said that director Len Wiseman's remake was "very different" from Paul Verhoeven's original.
"It's still reimagining the future. The question of 'Is this real? Who am I?' is the same," she explained. "I'm a villain [in the film], which is new. That was really great. There's a nicely slightly psychotic vibe to her, which is really fun."
Bryan Cranston, Ethan Hawke and Bill Nighy are also among the cast for the new Total Recall, arriving in cinemas on August 3 in the US and August 22 in the UK.
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> Colin Farrell stars in new 'Total Recall' trailer teaser