Charlie Sheen will also return for his third film in the franchise, reports E!
Lohan has officially signed on to the comedy horror sequel after previous reports of her being in talks for the film.
She will play an unknown role opposite Ashley Tisdale (High School Musical).
Sheen will reprise his role as Tom Logan from Scary Movie 3 and Scary Movie 4.
Star Anna Faris will not be returning for the fifth outing of the franchise.
Lohan will next been seen in Bret Easton Ellis's The Canyons and Lifetime television movie Liz and Dick, which charts the two marriages of Elizabeth Taylor and Richard Burton.