Lohan will make her theatre debut as Karen in the new production of the David Mamet satire next month (Sep14), and she will have a stage veteran by her side - The West Wing star Schiff.
He has been cast as Hollywood producer Bobby Gould in Speed-The-Plow, while British actor Nigel Lindsay will play Charlie Fox.
Schiff last appeared onstage in the West End in a production of Smash! in 2011.
Speed-The-Plow is due to open at the Playhouse Theatre on 24 September (14) and run until late November (14).