British star Eddie, 34, is up for the honour for a second year in a row for The Danish Girl, while Leo will be hoping to continue his triumphant awards season tour for his role in The Revenant.
The Revenant star Leonardo DiCaprio and director Alejandro Inarritu (Chris Pizzello/AP/PA)
Leo, 41, who has been lauded by the critics for his portrayal of Hugh Glass in the wilderness, has already won the Golden Globe and Screen Actors Guild Award among others.
Eddie won the award last year for his performance as Professor Stephen Hawking in The Theory Of Everything.
Eddie won the Bafta last year for his role in The Theory Of Everything (Jonathan Short/AP/PA)
His on-screen partner in The Danish Girl, Alicia Vikander, is up for the Leading Actress award alongside Brie Larson for Room, Saoirse Ronan for Brooklyn, Cate Blanchett for Carol, and Dame Maggie Smith for The Lady In The Van.
The five movies up for best film are The Big Short, Bridge Of Spies, The Revenant, Carol and Spotlight.
Other nominations include nods for Kate Winslet, Julie Walters, and Alicia again, for Best Supporting Actress, while Idris Elba, Christian Bale and Mark Rylance are among the men up for Best Supporting Actor.
Kate will be hoping to follow up her Golden Globes win (Jordan Strauss/Invision/AP)
The films leading the nominations with a total of nine nods each are Bridge Of Spies and Carol. Star Wars: The Force Awakens has been nominated in four categories.
British director Sir Ridley Scott will be hoping for his first Bafta win in the director category after being nominated for The Martian.
Among the other awards presented on the night is the Rising Star, which recognises the best new talent.
John Boyega is nominated for the Rising Star award (EE/Bafta)
Star Wars actor John Boyega is among the nominees, and other stars nominated include Fifty Shades Of Grey’s Dakota Johnson, Welsh actor Taron Egerton, Brie Larson and Hammersmith-born Bel Powley, who starred in coming-of-age drama The Diary Of A Teenage Girl in 2015.
The documentary on late singer Amy Winehouse, titled Amy, has been nominated for Outstanding British Film as well as in the Documentary category.
Saoirse Ronan is nominated for her role in Brooklyn, which has six nods in total (John Salangsang/Invision)
Brooklyn, which has picked up six nominations in total, is also nominated for Outstanding British Film alongside 45 Years, The Danish Girl, Ex Machina and The Lobster.
The British Academy Film Awards, which are seen as a good indicator of who will achieve Oscar success, will be handed out at a star-studded ceremony at London’s Royal Opera House.
The ceremony, hosted by Stephen Fry, will be broadcast on BBC1, Sunday, February 14, 9.00pm.