See photo of Arnold Schwarzenegger as Santa in 1st look from set ...

Arnold Schwarzenegger is rocking Santa's iconic white beard in a new photo from the set of "The Man with the Bag."

The new photo, shared by Amazon MGM Studios on Wednesday, shows Schwarzenegger as Santa Claus, standing side-by-side with "Fast X" alum Alan Ritchson, his co-star in the film.

Schwarzenegger sports a white beard with matching long white hair in the image, as well as a long red coat and a cozy looking sweater underneath. Ritchson, meanwhile, wears a beige coat, white T-shirt, a zip-up sweatshirt and a ball cap.

The studio shared the new snap along with a note that production on the film had officially commenced.

Schwarzenegger also shared the photo on social media on Wednesday.

"It is fantastic to be shooting The Man with the Bag with @alanritchson," he wrote in the caption of an Instagram post. "Our director @adamshankman is one of the funniest directors I've worked with, New York City is an amazing host, working with @amazonmgmstudios is a joy, and I can't wait to share all of this Christmas cheer with each and every one of you."

A logline for the new project reads, "When Santa's magic bag is stolen, he turns to his naughty list to find Vance, a thief, to help him get it back. Along with his daughter, Santa, and a group of misfits, Vance will have to pull off the greatest heist of his life to save Christmas."

"Hairspray" and "Disenchanted" director Adam Shankman is directing the project, while "Stuck in the Middle" writer Allan Rice wrote the project.

Ritchson, Lawrence Grey, Ben Everard, Reg Tigerman and Dan Spilo are producing the upcoming family comedy.

A release date has not yet been announced.