By the looks of these set photos - taken on Tuesday (December 17) in New York City - it appears as if Arnold might be playing Santa Claus. That's also what Deadline speculated when they announced his casting back in May of 2024.

Here's the film's logline: "When Santa's magic bag is stolen, he turns to his naughty list to find Vance, a former thief, to help him get it back. Along with his daughter, Santa, and a group of misfit elves, Vance will have to pull off the greatest heist of his life to save Christmas."