Magnolia is planning a theatrical release for the film under its Magnet Releasing genre label. The company released the first Ong Bak film, also starring Tony Jaa, which grossed more than $4m in the US.
It's understood Magnolia out-bid several other companies to acquire the film which was the highest-grossing local movie in Thailand last year.
'US audiences will be excited to see Tony Jaa return, especially under the Ong Bak moniker,' said Magnolia senior vice president Tom Quinn.
The Weinstein Company originally had North American rights to Ong Bak 2 but handed those back during the film's protracted production process, reportedly because they were unhappy with the film's period setting.
Jaa directed as well as starred in Ong Bak 2 and has recently started shooting Ong Bak 3.