Ten well-known members of the community will be arrested by Brent Police and held in cells until they raise £1,000 each.
The jail and bail will take place at a police building in Carey Way, Wembley in March and money will be donated to St Luke's Hospice.
All prisoners will have access to their mobile phones in their cells to raise any shortfalls.
Those taking part in the event include John Corner, St Luke's Hospice founder life president; Councillor Navin Shah, London Assembly Member for Brent and Harrow; and Kevin Riley, headmaster of The John Lyon School in Harrow.
Mr Shah has even promised to stay an extra five hours in the cell or carry out five hours community service if a generous individual or business makes a singled donation of £1,000.
John Corner, said: "This is certainly different. In all my 20 years of fundraising for St Luke's I have not found myself being arrested before."
Martin Simmons, managing director at Marsworth, added: "Having not been sent to jail before I decided that doing time in aid of St Luke's Hospice would be worth while and a bit of fun as well."
A press conference was held at Wembley Police Station yesterday where the jail birds met to answer questions.
Sarah Samee, media and communications manager at Brent Police, said: "We are delighted we are able to contribute to the fundraising efforts of St Luke's Hospice. This is something we have not embarked on before and hope that by locking up some of our community leaders it will encourage others to make a donation and bail them out.
"The support that St Luke's Hospice provides for the Brent and Harrow community is invaluable and we are proud to be involved in such an unusual and worthwhile event."
For more information on sponsoring please go to http://www.justgiving.com/stlukesjailandbail