The film is a supernatural thriller and Bhatt`s second 3D after the success of `Haunted`.
Karishma was last seen in Mere Jeevan Saathi that released in 2006.
"When I first gave Karisma a narration, she loved the story and the script. It`s a woman-centric film and she plays the main character. Dangerous Ishq is a supernatural thriller based on past-life regression. We start shooting in September in Rajasthan," Vikram said.
Karishma had stopped working in movies after her marriage to industrialist Sanjay Kapur in 2003. She is also a mother of daughter Samaira, who was born in 2005 and son Kiaan Raj, born in 2010.
"It`s a role I haven`t done before. The script is very interesting and working in the 3D format will be a new experience for me," Karishma said.
The 36-year-old actress, the granddaughter of Hindi cinema legend Raj Kapoor, started her film journey with 1991 film `Prem Qaidi` and went on to deliver hits like `Raja Babu`, `Andaz Apna Apna`, `Saajan Chale Sasural`.
She won a national award for best supporting actress for her role in `Dil To Pagal Hai` and earned critical acclaimed for movies like `Fiza` and `Zubeidaa`.