The annual award, handed out at the BAFTA awards in February and the only one voted by the public, will see Jack and Gugu go up against American actors Shailene Woodley and Miles Teller, and Australian Margot Robbie.
Jack is currently being considered as a potential awards contender for his role in Angelina Jolie's Unbroken, but he has been making waves in British cinema for several years, including in 2013's Starred Up and 2014's '71.
Gugu Mbatha-Raw, Jack O'Connell and Shailene Woodley are all nominated this year
The 24-year-old, who made his acting debut in the Channel 4 drama Skins, said: "Thank you to BAFTA and the jury. I'm honoured to be considered for the EE Rising Star Award amongst such a talented field; especially for films which I feel incredibly fortunate to have been a part of."
Gugu, who starred in Belle, the 18th-cenutry true tale of a Caribbean slave's daughter raised as an aristocrat in 18th Century England said: "I am delighted to be nominated for the EE Rising Star Award.
"It is such an honour to be recognised for a growing body of work and I am proud and excited to be included."
As seen in previous years, starlets who star in popular teen dramas - such as Kristen Stewart in Twilight - often go on to win, so there is a good chance Shailene may scoop it, following her performance in the 2014 box office smash The Fault In Our Stars, based on John Green's best-selling young adult weepie.
Margot Robbie and Miles Teller
The 23-year-old actress has a string of critical hits under her belt as well though, breaking out alongside George Clooney in 2011's The Descendants, and is good friends with her fellow nominee, Miles. The pair starred together in 2013's The Spectacular Now, and have often spoke of their desire to work together again.
Miles, who this year will star in the Fantastic Four reboot, one of HELLO! Online's 15 films for 2015, stars in current awards favourite Whiplash, and said: "Thank you BAFTA for the nomination!
"I'm very proud to represent Whiplash and all those who worked incredibly hard on such a wonderfully fulfilling gem of a film. The ovation it received at the London Film Festival remains one of my proudest moments as a young actor."
The fifth nominee is former Neighbours actress Margot Robbie, who in 2014 worked alongside Leonardo DiCaprio in The Wolf of Wall Street. She will next be seen on the big screen alongside Will Smith in Focus.
The British Academy of Film and Television Awards will air on BBC One on February 8th 2015.