Morena joined Public School 41 and New York City Lab School, where she completed her primary education. Before she entered the theater program at the Juilliard School, she got enrolled at Fiorello H. LaGuardia High School of Music & Art and Performing Arts.
Morena landed doing her first movie in a comedy movie Perfume, which was directed by Michael Rymer and Hunter Carson. Estella Warren, Jeff Goldblum, Mariel Hemingway and Carmen Electra also appeared in a pivotal role in this movie. After a year, she appeared in another American comedy-drama movie Roger Dodger.
Later, Morena appeared in an American superhero film Deadpool, which was directed by Tim Miller. The stars of this movies are Ryan Reynolds, Ed Skrein, T.J. Miller, and Gina Carano. The movie became a huge hit and grossed $783.1 million at the box office against the budget of $58 million.
Currently, Morena is shooting for her upcoming American superhero film Deadpool 2, which is being directed by David Leitch. Josh Brolin, Julian Dennison, Zazie Beetz, and Brianna Hildebrand are starring in this movie. The movie is scheduled to be released on May 18, 2018, in the United States.
Morena has also appeared in numerous movies like Way Off Broadway, Serenity, Death in Love, Stargate: The Ark of Truth, Back in the Day, Son of Batman, Batman: Bad Blood, and Malevolent. Her most notable television series includes It's Always Sunny in Philadelphia, The O.C., Las Vegas, The Flash, and Gotham.
Morena is a holder of dual nationality, American and Brazilian, and belongs to white ethnicity. She was married to her boyfriend Austin Chick, an American film producer, and director. The couple got married in November 2011. The couple is blessed with a son, Julius, born on October 22, 2013. However, she was unable to continue her relationship with her husband and got divorced on On March 18, 2016.
In September 2015, Morena said that she has planned to marry Ben McKenzie, her co-star of television series Gotham. She also mentioned that she was pregnant with his child. The couple welcomed their daughter, Frances Laiz Setta Schenkkan, on March 2, 2016. The same year, the couple got engaged and married on June 2, 2017, in Brooklyn, New York, on Baccarin's 38th birthday. She lives a happily married life with her spouse and there are no rumors of their divorce.
As a popular actress, Morena earns a tremendous amount of money from her professional acting career. She has featured in numerous movies and television series from which she must have earned a decent amount of salary. As per some online sources, her current net worth is estimated to be $4 million.