Warne, Test cricket's leading wicket-taker, and Lara, the top run-scorer, will both represent an All-Star Team in a coup for the October 27-28 tournament.
India's Anil Kumble and Virender Sehwag, Pakistani all-rounder Shahid Afridi and Zimbabwean Heath Streak are also taking part.
"I have heard so much about the event from some of the great players that have been here over the years, so to come and play myself is very exciting," Warne said.
Hong Kong, England, Australia, India, Pakistan, New Zealand, West Indies, Sri Lanka and South Africa are all represented at the tournament, which has been running since 1992.
Warne, 38, this week rubbished newspaper reports linking him with glamorous socialite Jemima Khan, wife of former Pakistan cricket captain Imran Khan.