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Lionsgate, a film production and distribution company that should be no stranger to anyone with even a passing knowledge of cinema, is currently working on a Borderlands movie, we learn via a press release published on its official website and a Variety report. Producers Avi and Ari Arad, who have been involved with the Iron Man and X-Men franchises among others, are involved in the project, while Take Two and Gearbox are fully on board.
There's not much else to say at this point. The press release mentions Lionsgate intention to make this a "tent-pole" feature film, and both Take-Two CEO Strauss Zelnick and Gearbox CEO Randy Pitchford seem to be enthusiastic about this development, though I wouldn't expect them to say otherwise in an official statement. Personally, I can't say Borderlands is what I'd think about when trying to come up with a videogame property to base a feature film on, but I'll try to have no preconceptions, in spite of the medium's really sordid history with cinema.