Fernanda Torres still remembers the day her mother, Brazil’s grande dame of film, came within reach of cinema’s most coveted prize: an Oscar.

“It had great symbolism for Brazil,” Ms. Torres, an acclaimed actress herself, said in an interview. “I mean, Brazil produced something like her, you know?” she added. “It was very beautiful.”

A quarter-century ago, Fernanda Montenegro, now 95, made history when she became the first Brazilian actress to be nominated for an Academy Award. She lost to Gwyneth Paltrow, and Brazil never got over what it considered a snub.

Now, Ms. Torres, 59, is attracting chatter in Hollywood that could put her in line to win the elusive golden statuette for a role that has ignited cinematic fever — and a national reckoning — in Latin America’s largest country.

Millions of viewers are packing theaters to watch “I’m Still Here,” a quiet drama starring Ms. Torres about a family torn apart by a military junta that ruled Brazil, by fear and force, for over two decades.

This past week, the movie was nominated for a Golden Globe for best foreign language film, and Ms. Torres was nominated in the lead actress category, bolstering Oscar hopes.