Arterton, 24, starred in 2008 Bond film "Quantum of Solace" before taking on the lead role of Stephen Frears' countryside comedy "Tamara Drewe" which was released last year.
She is up against Andrew Garfield, 27, whose recent film credits include "The Social Network", among the frontrunners for Oscars glory this year.
He has also been named as the next Spider-Man, following in the footsteps of Tobey Maguire who starred in the title role for three movies of the hugely successful franchise. The re-boot of the series is due to hit theaters in 2012.
Aaron Johnson, most famous for his roles in John Lennon biopic "Nowhere Boy" and "Kick Ass," is also on the shortlist for the award, which is decided by popular vote and announced at the main Orange British Academy Film Awards ceremony on Feb. 13.
The BAFTAs are Britain's top film honours and are closely watched as part of the international awards season culminating in the Oscars in late February.
The final two rising star nominees are Tom Hardy and Emma Stone.
Previous winners of the award include James McAvoy in 2006, Eva Green in 2007, Shia LaBeouf in 2008, Noel Clarke in 2009 and Kristen Stewart in 2010.
BAFTA organizers have also announced the shortlist for best foreign film -- "Biutiful," "The Girl With the Dragon Tattoo," "I Am Love," "Of Gods and Men" and "The Secret in Their Eyes."
