In John Wick, he co-starred with Keanu Reeves, and was the villain nuclear scientist in Mission Impossible - Ghost Protocol, opposite Tom Cruise.
Nyqvist also starred in Colonia, with Emma Watson, and featured in Hunter Killer.
He won the best male actor award at the Guldbagge (Sweden's film awards) in 2002 for his performance in The Guy in the Grave Next Door.
A statement released by his family said: "Michael's joy and passion were infectious to those who knew and loved him. His charm and charisma were undeniable, and his love for the arts was felt by all who had the pleasure of working with him," a family statement read.
He is survived by his wife Catharina and their children Ellen and Arthur.