Even if you wandered into “American Hustle” two hours late and only caught the closing credits, you’d know that it’s going to be a major awards show contender this season. Directed by David O. Russell (“Silver Linings Playbook”) and starring Christian Bale, Amy Adams, Bradley Cooper and Jennifer Lawrence (to name a few), the film is a veritable who’s who of Academy Award winners and nominees. With expectations set that high, the filmmakers had to hope that the movie could meet them. Luckily, “American Hustle” did just that, thanks to its first-rate cast and Russell’s deft direction.

“American Hustle” tells a slightly fictionalized account of Abscam, an FBI sting operation that took place in the late ’70s and early ’80s. (As the opening credits succinctly state, “Some of this actually happened.”) A series of flashbacks show us that the story begins at a garish ’70s pool party, where con artist Irving Rosenfeld (Bale) first meets the beautiful Sydney Prosser (Adams). Even though Irving and his wife, Rosalyn (Lawrence), are still married, Irving falls hard for Sydney, and the two soon become a bit of a con artist power couple. However, their schemes come to a screeching halt when FBI agent Richie DiMaso (Cooper) catches them in a loan scam. Richie proposes to let Irving and Sydney go free if they help him with four additional arrests. After some initial hesitation, the pair agrees to help him with a sting operation involving a number of corrupt politicians, including Carmine Polito (Jeremy Renner), the well-meaning mayor of Camden, N.J. Antics ensue.

The film provides a nice balance of drama and comedy. For every cut-the-tension-with-a-knife scene, there’s a moment of levity, like when Rosalyn almost burns down the house by putting metal in her new “science oven,” i.e., microwave. And unlike so many other movies about organized crime (see: “Gangster Squad”), there’s no gratuitous violence or over-the-top action sequence. Instead, the film could be best described as a period piece, capturing the look and feel of the late ’70s in all its plunging-neckline, permed-hair glory.

Besides, the plot of “American Hustle” is pretty much secondary to its fantastic cast and characters. Whether you identify more with Bale’s edgy, shrewd Irving or Cooper’s aggressive, overzealous Richie, every character adds depth and realism to the story. Probably the most standout cast member, though, is Lawrence, who takes what was originally intended to be a minor role and transforms it into the film’s most boisterous and spectacular character. From her bathroom showdown with Sydney to her fiery housewife rendition of “Live And Let Die,” Rosalyn steals every scene. Lawrence has already earned a Golden Globe for the role; another Oscar might be around the corner.

Of course, Russell deserves plenty of credit for the actors’ incredible performances. He clearly puts a lot of trust in his actors: Russell wrote most of the main characters with their actors in mind and allowed the cast to improvise during many of the film’s most pivotal scenes. And it works. Rosalyn’s final confrontation with Irving was apparently mostly improvised, and the scene sizzles with spontaneity and energy.

Once you get past the film’s captivating characters, though, some faults begin to emerge. The plot borders on confusing and wraps up a little too neatly by the end. Plus, the movie feels just a tad too long, even though it’s no longer than many of its awards show competitors. Nevertheless, the spectacular performances are more than enough to distract from the film’s few minor flaws. “American Hustle” has already killed it at the Golden Globes, winning Best Motion Picture—Comedy or Musical and garnering acting awards for both Adams and Lawrence. It would be no surprise if the film swept the acting categories at the Oscars as well.