The spot will see the return of Mr Dresden and Elliot, who appeared in the original Orange film funding board ads created by Mother.
This is the second ad to appear since Fallon took over the brief -- the first featured Emilio Estevez.
In the ad, Mr Dresden and Elliot are recording a director's commentary for the film 'Fngrz of Fury', which stars Juliette Lewis.
While watching a kung-fu fight scene, Mr Dresden says "Jean-Claude, what do you call this fighting style?"
Mr Dresden impersonates Van Damme and says: "Text-fu. It's the best technique."
It turns out that a mobile phone has been added to the film without Lewis's knowledge -- causing the star, who has arrived at the recording, to leave in disgust.
The ad will include a digital element created by Poke, spoofing how movies are promoted on the web as if 'Fngrz of Fury' were a real film.
Popular film critic Mark Kermode also appears in the campaign, interviewing Mr Dresden and Elliot about the film.
Spencer McHugh, brand director for Orange UK, said: "The Gold Spot adverts reinforce Orange as the number one brand associated with film in the UK.
"The new series and concept behind Orange Film Studios has enabled us to continue to entertain millions of people, while introducing an interactive element and finding new and innovative ways to reach UK audiences."
The ad breaks on June 26.