Both men will appear in the Nov. 10 episode of the late-night sketch comedy series.
SNL made the announcement on its official Twitter page, posting a photo of its famous guest board with note cards bearing the stars' names.
Lil Wayne is likely appearing on the series to perform songs off of his most recent album — Tha Carter V — which was released on Sept. 28. The first single was the track "Uproar," and the second single will reportedly be "Dope New Gospel," so it's possible he will play one or both of those songs.
Schreiber's appearance as host is potentially related to promoting his hit Showtime series Ray Donovan, which aired its season six premiere on Oct. 28.
However, Schreiber is also voicing Kingpin/Wilson Fisk in the upcoming animated film Spider-Man: Into the Spider-Verse, so its possible that he is hosting SNL to promote that as well.
This week — Saturday, Nov. 3 — actor Jonah Hill will host SNL, and singer/songwriter Maggie Rogers will be the musical guest.
Interestingly, even though he has been acting professionally since the mid-90s, Schreiber has never hosted SNL before now. Though, he did appear in a 2016 episode that was hosted by Star Wars: The Last Jedi actor Adam Driver.
Lil Wayne has been an SNL musical guest twice before, appearing for the first time with host Michael Phelps, and then again alongside Eminem and host Jeff Bridges. He also made a non-official appearance in an episode, performing with musical guest Destiny's Child.
Previously this season, SNL featured series alum Seth Meyers and actress Awkwafina as hosts, with Paul Simon and Travis Scott appearing as the musical guests, respectively.
The first episode of the 44th season of the show featured Adam Driver returning as host, and controversial rapper/fashion icon Kanye West as the musical guest.
West made headlines when it was reported that he went on a pro-Donald Trump rant at the end of the show, prompting many members of the cast to publicly distance themselves from his actions and words.
He later said that he would be hosting sometime this season but that has not been confirmed by the shows producers.