The inaugural Spirit Of Independence Award went to George Clooney in 2005 and only Charlize Theron and Clint Eastwood have received the honour since then.
Cheadle earned an Oscar nomination for Hotel Rwanda and has starred in Talk To Me, Crash, Boogie Nights and the all-star Ocean's franchise, among others. Upcoming works includes the thriller Traitor opposite Guy Pearce.
'Don Cheadle has created extraordinary work in his career as an actor and producer,' Film Independent executive director Dawn Hudson said.
LAFF organisers also announced that Antonio Banderas, Jada Pinkett Smith and Rob Reiner will serve as honourary co-chairs for the festival, which is set to run from June 19-29.
For further information visit www.lafilmfest.com.