Lena Olin, Carol Kane, and Dylan Baker will also appear in the Nazi-hunting drama, set in New York City in the mid-to-late 1970s.
The project was confirmed during a Television Critics Association panel on Wednesday, February 13.
Peele will executive produce the project, which will revolve around a group of New Yorkers, who set about tracking down Nazi war criminals hiding in the city after World War Two.
Pacino, who will play the leader of the vigilantes, was first attached to the project last year. It will serve as his TV series debut.
Lerman was among the first people cast for the series - he'll portray Jonah Heidelbaum, who finds himself swept up by the Nazi hunters as he attempts to find the man who murdered his grandmother.
The series, which is inspired by real-life events, was snapped up by Amazon bosses last year (18), and given a straight-to-series 10-episode order.