Searching for Sugar Man, a tale of two South Africans seeking more information about mysterious 1970s rock 'n' roller Rodriguez, pulled home a nomination for Best Documentary on Thursday.
If the film were to pick up the actual award, it would be the first time a Swedish documentary has received the honour in 61 years, according to the TT news agency.
Director Malik Bendjelloul was thrilled with the honour at the official nominations ceremony and said he'd be delighted if it won.
"It would be incredible if it happened," he said, according to the Expressen newspaper.
The film is facing stiff competition from other documentary nominees: 5 Broken Cameras, The Gatekeepers, How to Survive a Plague, and The Invisible War.
Across all categories, the films claiming the most nods included Steven Spielberg's Lincoln, which earned 12 nominations including best picture, as well as a nomination for actors Daniel Day-Lewis, Tommy Lee Jones and Sally Field.
Ang Lee's Life of Pi swept up 11 nominations, with Les Miserables and Silver Linings Playbook each taking home eight.
Searching for Sugar Man was also nominated for Best Documentary by the British Academy of Film and Television Arts (BAFTA) on Wednesday. Back in Sweden, the film has been nominated by the Swedish Film Institute for six Guldbagge (Golden Beetle) Awards.
The 85th Academy Awards ceremony will take place in Los Angeles on February 24th.