The Bafta-winning actor, whose credits include Inception, The Dark Knight Rises and Tinker, Tailor, Soldier, Spy, will join the gangster drama when it returns in autumn 2014.
The casting decision also reunites Hardy with Locke writer and director Steven Knight, who wrote and created the BBC series.
The hit series follows a gangster family in Birmingham which sew razor blades in the peak of their caps, and their fierce boss Tommy Shelby who seeks to move up in the world.
Series Two of Peaky Blinders, which starts shooting later this month, will see the Shelby family expand their empire as the 1920 begin to roar.
Peaky Blinders will return to BBC Two in autumn 2014.