Yes, Paradise Lost is already a thing (a 17th-century epic poem about the Fall of Man type of thing, to be exact), and that thing has seen attempts to turn it into a movie. But this is not that thing.
This Paradise Lost is the debut film from Andrea di Stefano (who acted in Life of Pi), about infamous Colombian drug lord Pablo Escobar. The Hunger Games star Josh Hutcherson has just signed on to play a young man named Nick, who falls in love with a girl named Maria on a trip to Columbia, only to learn Escobar is her uncle.
Benicio Del Toro (Savages) will portray the drug lord in the film, which is based on true events. Production is set to begin March 2013, in Panama.