Paramount has picked up Michael Lerner's pitch Wheeler Dealers, based on the true-life story of a recent munitions contract gone awry.

According to Variety, Paramount has set the project up at Will Smith and James Lassiter's Overbrook Entertainment and Brett Ratner's Rat Entertainment.

Michael Lerner will write the script. Wheeler Dealers will be based on the story of Efraim Diveroli, whose AEY company received a $300 million contract in 2007 to supply ordnance to Afghan security forces. Efraim Diveroli pleaded guilty this week to plotting to ship prohibited Chinese ammunition to the war and was sentenced to four years in federal prison.

No production date has been set.