Of the film, Nathan stated that he was inspired to create the movie after his writing and producing partner showed him a porn website that would invite its members to have sex on camera. Nathan found it difficult to believe that the participants, who were portrayed as ordinary, were as normal as they appeared and wondered what it would be like if the "wrong guy" was hired.
In keeping with the "found footage" conceit of the film, the closing credits list the fictional character Ashley Saint as one of the producers.
Critical reception for Lucky Bastard has been mixed and the film currently holds a rating of 55% on Rotten Tomatoes (based on 22 reviews) and 36 on Metacritic (based on 9 reviews). Common elements of praise centered around the film's actors and Fangoria stated that the performances by Rue and Paulson "are a large part of what makes the main section of LUCKY BASTARD work". Criticism for the film stemmed from what reviewers saw as a lack of tension, and JoBlo.com noted that the film was largely watchable but that much of it was due to the movie's acting. Variety panned the film, praising its technical aspects while writing that the movie was overall tedious. In contrast, the Los Angeles Times gave a favorable review for Lucky Bastards and called it a "clever thriller", praising the movie's script and stating that "Although sexual activity and nudity are abundant, they rarely feel gratuitous."