In the show, Schwarzenegger will play a CIA agent named Luke who's family gets in the way of his work.
Speaking about finally making the move to TV, the action legend said: "Everywhere I go, people ask me when I'm going to do another big action comedy like True Lies.
"Well, here it is. FUBAR will kick your ass and make you laugh — and not just for two hours. You get a whole season."
Netflix also unveiled a trailer for the series which features a clip of Schwarzenegger saying his trademark cathphrase "I'll be back".
Fubar also stars Top Gun: Maverick's Monica Barbaro as Luke's daughter Emma who also works for the CIA.
The ensemble also includes This is the End star Jay Baruchel, You actor Travis Van Winkle and Gabriel Luna who appeared in Terminator: Dark Fate alongside Schwarzenegger.
Fans have also been reacting to the trailer online with one commenting: "You told us you'd be back and I am SO EXCITED to see this!
"Looks like fun and it has been too long since you have been on screen."
Another said: "V kind of Netflix to make a show that caters exclusively to me and my interests."
Schwarzenegger is the latest action star to cross over into TV after Sylvester Stallone made his small screen debut last year with the crime series Tulsa King. Jean-Claude Van Damme also previously starred in Amazon's Jean-Claude Van Johnson as a fictional version of himself.
Since coming out of retirement in 2013, Schwarzenegger has starred in two reboots of The Terminator as well as action movies The Last Stand and Escape Plan, which also featured Stallone.
Fubar will premiere on Netflix on 25 May.
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