The "ER" alum will have a recurring role as Dre, a successful business mogul and clothing company founder who hires Marty (Don Cheadle) to help expand his empire.
The series follows the adventures of several management consultants at Galweather and Stearn. It stars Cheadle, Kristen Bell, Josh Lawson, and Ben Schwartz.
Phifer played Dr. Gregory Pratt on NBC's "ER" from 2002 until 2008. His other TV credits include "White Collar," "Lie to Me" and "Torchwood."
He will next be seen in the big-screen adaptation of the young adult novel "Divergent," which hits theaters on March 21, 2014.
"House of Lies" Season 3 will premiere on Sunday, January 12 at 10/9 p.m. CT on Showtime.