The eight-hour long drama series was a huge smash in 2013, and starred Matthew McConaughey and Woody Harrelson. Season two will see two new characters, played by Colin and Vince, take over, as well as a third, still uncast female character.
It is thought that Elisabeth Moss (The West Wing, Mad Men) is in talks for the third role.
Vince Vaughn joins Colin Farrell in True Detective season two
Speaking to The Sunday World about his new role, Colin said: "I'm doing the second series. I'm so excited.
True Detective was a ratings smash hit
"I know it will be eight episodes and take around four or five months to shoot. I know very little about it, but we're shooting in the environs of Los Angeles which is great. It means I get to stay at home and see the kids."
The actor added: "These are early days and all the powers that be are working out locations and schedules and trying to lock down the cast."
Season one won five primetime Emmy awards including Outstanding Directing for a Drama Series. The second season is expected to air in summer 2015.