The actors will receive this year's Hasty Pudding awards, given by the student drama group of the same name. The award ceremony traditionally involves male students dressed as women.
The awards – which last year were given to Halle Berry and Richard Gere – are presented to performers who've made a "lasting and impressive contribution to the world of entertainment."
Johansson, 22, will lead a parade through Cambridge, Mass., on Feb. 15, and then receive the "Pudding Pot" at a roast in her honor, the Associated Press reports. Stiller, 41, will get the Hasty Pudding treatment on Feb. 23.
The roasts tend to require celebrities to have a sense of humor about themselves: At hers last year, Berry was made to write four times on a blackboard before receiving her reward: "I will not make Catwoman II.
Marc Andrew Deley / FilmMagic