New Tomb Raider is in development on Unreal Engine 5. Crystal Dynamics confirmed Lara Croft's return with a paper announcement

The tomb raider will return in a new game powered by the modern Unreal Engine 5. Crystal Dynamics will be responsible for development

A “paper announcement” was made at the State of Unreal presentation. The Tomb Raider franchise will get a new game about the adventures of the tomb raider: “Where will Lara Croft’s journey take her next?”.

At the same time, they did not specify what kind of game it would be — not a single frame was shown.

Regarding the project, the announcement uses the phrasing “the next Tomb Raider”. 

There are no other details yet, apart from the Unreal Engine 5 engine and Crystal Dynamics’ involvement in creating the game.

The last mainline game in the series, Shadow of the Tomb Raider, was released in 2018.