The restaurant, which is being designed by architect Softroom and will be in place for 18 months, will use two rows of four recycled shipping containers, arranged in a two-storey overhanging structure.
Installed at the Southbank Centre, it will have space for 130 diners, a bar and outdoor seating on a terrace at the Queen Elizabeth Hall.
Each container will be painted a different colour, and one of the containers has been cantilevered out over the eastern end of the site to create a canopy over a ramped entrance.
Inside, the front and back containers are separated by a glazed link, which allows light into the spaces, while new and reclaimed furniture is used throughout.
BuroCreative and curator Tristan Manco are working with a series of Mexican street artists who will decorate the restaurant on a rotating basis.
The first will be Mexico City artist Saner, who will be working on a set of murals for the site.
The South Bank Wahaca branch is set to open at the end of June and will be in place for 18 months.