Miles Teller stars alongside Jonah Hill in the new dramatic comedy “War Dogs,” about two amateur arms dealers who bluff their way to a $300 million Pentagon contract before it all goes south.

“It’s based on a true story,” he said on “Good Morning America.” “Rolling Stone did an article called ‘Arms and the Dunes,’ and it was about these two guys that kind of capitalized on the [George W.] Bush administration, and they allowed small business to bid on all these contracts that they had to fill. So these guys ended up BS-ing their way to the top and had a $300 million contract with the Pentagon to arm, I think, it was like 100 million rounds of AK-47 ammo.

“Fake it till you make it is 100 percent what these guys did,” Teller added, “and things escalated, and they ended up with, yeah, a $300 million contract.”

The “Whiplash” star said “what’s crazy” about his character in “War Dogs” is that “by the time I was filming, the guys when they were doing it were actually a little younger than I was,” he explained. “It’s just insane how quickly things got out of control and where they were at during the whole war and making money off it. Lots of money.”

Teller recently received harsh criticism on social media after debuting his striking blond locks at the ESPY Awards, but he revealed on "GMA" that the new shade is for an upcoming film role. He admitted, however, that he’s having “so much” fun with the new color, because as they say, blonds have more fun.

“Well, you get it, as a fellow blond,” Teller, 29, told “GMA” co-anchor Lara Spencer. “I’m doing a movie right now about the Granite Mountain Hotshots. They were involved in the Yarnell Hill fire incident three years ago, where 19 of the 20 firefighters passed away. I’m playing the lone survivor, and he’s got blond hair, so I said, ‘Yeah, let’s do it.’”

“War Dogs” opens Aug. 19.