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Will Smith and Tommy Lee Jones are back as Agent J and Agent K in Men in Black 3, out Memorial Day 2012. (PHOTO: Screen Capture / Sony Pictures)

Will Smith and Tommy Lee Jones are back as Agent J and Agent K, 10 years after the pair hit the big screen chasing aliens and wiping memories.

On Monday, Sony Pictures released the first trailer for Men in Black 3, the much anticipated third installment to the Men in Black film franchise, based on The Men in Black comic book series by Lowell Cunningham.

The film will open in May, 10 years after Men in Black 2 played in theaters.

We are no one. Our mission is to monitor extraterrestrial activity on earth, Jones' character Agent K says, as the suited pair approach a suspect.

In Men in Black 3, Agent K goes on his own mission and disappears, leaving Agent J (Smith) to fend for himself.

I'm looking for K, have you seen him? Sort of a surly, older gentleman, Agent J says to Agent O, played by Emma Thompson.

K's been dead for over 40 years, she responds.

An advisor then tells Agent J to time travel (ie. jump off the Chrysler building while holding onto a travel device), as he searches for the man who first recruited him into the MiB agency.

Agent J arrives in 1969 and finds himself talking to Josh Brolin, who plays a younger version of Jones' Agent K.

In Men in Black 3, Rip Torn is back as MiB head chief Zed, while Alice Eve (Entourage, Sex and the City 2) and Nicole Sherzinger (X-Factor) have supporting roles.

Earlier this summer, Smith angered many shopkeepers and locals when he parked his 1,150 square foot trailer in the SoHo neighborhood, where Men in Black 3 was being filmed. Nicknamed The Heat, the ginormous trailer was Smith's second place of stay during production -- he was also renting a five-bedroom apartment just blocks away from the set, according to the New York Post.

The trailer, which included a movie room, full-service kitchen, bar and office space, was later removed, as ordered by the mayor's office.

In 1997, Men in Black grossed more than $589 million at the box office while the film's soundtrack enjoyed music chart success, selling more than 3 million copies.

Smith's Men in Black theme song won a Grammy the following year for Best Rap Solo Performance.

The film's sequel, Men in Black 2, was released in 2002 and grossed more than $441 million at the box office.

Men in Black 3, directed by MiB alum Barry Sonnenfeld, opens Memorial Day, May 25, 2012.

Scroll down to watch the new trailer.