Favreau wrote, directed and stars in the film about a chef who loses his restaurant job and tries to rebuild his life by opening a food truck.
The cast includes Sofia Vergara, Scarlett Johansson, John Leguizamo, Bobby Cannavale, Dustin Hoffman and Robert Downey Jr.
The film will screen on March 7 at the 10-day film, music and interactive festival in Austin, Texas.
Other films premiering in Austin include "Break Point," "Creep," "COSMOS: A SpaceTime Odyssey," "Doc of the Dead," "Leave the World Behind" and the Kickstarter-funded "Veronica Mars."
In addition to films, the festival includes workshops, lectures and industry meetings.