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.
The pair face competition from Michael Fassbender in Steve Jobs, Matt Damon in The Martian and Bryan Cranston in Trumbo.
Eddie won the award last year for his performance as Professor Stephen Hawking in The Theory Of Everything.
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 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.
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.
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.
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 Baftas, which are seen as a good indicator of who will achieve Oscar success, will be handed out on Sunday, at a star-studded ceremony at London’s Royal Opera House.
The ceremony, hosted by Stephen Fry, will be broadcast on BBC One.