The comedy-horror series sees the duo unite once again on-screen, with the pair also co-writing the show with Nat Saunders and James Serafinowicz.
A synopsis reads: "Truth Seekers is a supernatural comedy series about a team of part-time paranormal investigators who team up to uncover and film ghost sightings across the UK, sharing their adventures on an online channel for all to see.
"However, as they stake out haunted churches, underground bunkers and abandoned hospitals with their array of homemade ghost-detecting gizmos, their supernatural experiences grow more frequent, more terrifying and even deadly, as they begin to uncover a conspiracy that could bring about Armageddon for the entire human race.
"Set in a mysterious world filled with dread and just-out-of-sight monsters, Truth Seekers mixes humour with the fear."
Sounds like textbook Frost and Pegg stuff really, doesn't it? And paranormal investigation seems like the perfect field for them to plough.
The show represents the first time the pair have collaborated on the small screen since Spaced, which first aired more than 20 years ago.
Since then they've worked together on a whole host of much-loved films, including the Three Flavours Cornetto trilogy: Shaun of the Dead (2004), Hot Fuzz (2007), and The World's End (2013).
The inspiration for Truth Seekers stems from Pegg and Frost's 'ghost hunting' adventures back in the day.
Speaking to The New York Times, Pegg said: "Really, it was an excuse to go and smoke weed. We turned it into rattling around an old abbey, or knocking on an old church door.
"I don't think we were under any illusions that we would have any actual encounters, but what grew out of that was this idea of an amateur paranormal sleuth in a world where that kind of thing exists."
Explaining why they haven't collaborated in a while, Frost added: "I love being with Simon and writing comedy. It's just what we do.
"I see and speak to him regularly, so we don't have to necessarily work together all the time. If we make something, I want to feel like we're enjoying it, that it's fun, and you're enjoying being with us.
"If we can't find that thing organically, we're not going to force it. As long as we aren't pumping rubbish out every year, I'm happy."
The eight-part series also stars Malcolm McDowell as Richard, Samson Kayo as Elton, Susan Wokoma as Helen and Emma D'Arcy as Astrid.