It plays a little loose with facts but the righteous rage of “Dog Day Afternoon” is present enough in Gus Van Sant’s “Dead Man’s Wire,” a based-on-a-true-tale hostage thriller that’s as deeply 1970s as it is contemporary.

In February 1977, Tony Kiritsis walked into the Meridian Mortgage Company in downtown Indianapolis and took one of its executives, Dick Hall, hostage. Kiritsis held a sawed-off shotgun to the back of Hall’s head and draped a wire around his neck that connected to the gun. If he moved too much, he would die.

The subsequent standoff moved to Kiritsis’ apartment and eventually concluded in a live televised news conference. The whole ordeal received some renewed attention in a 2022 podcast dramatization starring Jon Hamm.

But in “Dead Man’s Wire,” starring Bill Skarsgård as Kiritsis, these events are vividly brought to life by Van Sant. It’s been seven years since Van Sant directed, following 2018’s “Don’t Worry, He Won’t Get Far on Foot,” and one of the prevailing takeaways of his new film is that that’s too long of a break for a filmmaker of Van Sant’s caliber.

Working from a script by Austin Kolodney, the filmmaker of “My Own Private Idaho” and “Good Will Hunting” turns “Dead Man’s Wire” into not a period-piece time capsule but a bracingly relevant drama of outrage and inequality. Tony feels aggrieved by his mortgage company over a land deal the bank, he claims, blocked. We’re never given many specifics, but at the same time, there’s little doubt in “Dead Man’s Wire” that Tony’s cause is just. His means might be desperate and abhorrent, but the movie is very definitely on his side.

That’s owed significantly to Skarsgård, who gives one of his finest and least adorned performances. While best known for films like “It,” “The Crow” and “Nosferatu,” here Skarsgård has little more than some green polyester and a very ’70s mustache to alter his looks. The straightforward, jittery intensity of his performance propels “Dead Man’s Wire.”

Yet Van Sant’s film aspires to be a larger ensemble drama, which it only partially succeeds at. Tony’s plight is far from a solitary one, as numerous threads suggest in Kolodney’s fast-paced script. First and foremost is Colman Domingo as a local DJ named Fred Temple. (If ever there were an actor suited, with a smooth baritone, to play a ’70s radio DJ, it’s Domingo.) Tony, a fan, calls Fred to air his demands. But it’s not just a media outlet for him. Fred touts himself as “the voice of the people.”

Something similar could be said of Tony, who rapidly emerges as a kind of folk hero. As much as he tortures his hostage (a very good Dacre Montgomery), he’s kind to the police officers surrounding him. And as he and Dick spend more time together, Dick emerges as a kind of victim, himself. It’s his father’s bank, and when Tony gets M.L. Hall (Al Pacino) on the phone, he sounds painfully insensitive, sooner ready to sacrifice his son than acknowledge any wrongdoing.

Pacino’s presence in “Dead Man’s Wire” is a nod to “Dog Day Afternoon,” a movie that may be far better — but, then again, that’s true of most films in comparison to Sidney Lumet’s unsurpassed 1975 classic. Still, Van Sant’s film bears some of the same rage and disillusionment with the meatgrinder of capitalism as “Dog Day.”

There’s also a telling, if not entirely successful subplot of a local TV news reporter (Myha’la) struggling against stereotypes. Even when she gets the goods on the unspooling news story, the way her producer says to “chop it up” and put it on air makes it clear: Whatever Tony is rebelling against, it’s him, not his plight, that will be served up on a prime-time plate.

It doesn’t take recent similar cases of national fascination, such as Luigi Mangione, charged with killing a healthcare executive, to see contemporary echoes of Kiritsis’ tale. The real story is more complicated and less metaphor-ready, of course, than the movie, which detracts some from the film’s gritty sense of verisimilitude. Staying closer to the truth might have produced a more dynamic movie.

But “Dead Man’s Wire” still works. In the film, Tony’s demands are $5 million and an apology. It’s clear the latter means more to him than the money. The tragedy in “Dead Man’s Wire” is just how elusive “I’m sorry” can be.

“Dead Man’s Wire,” a Row K Entertainment release, is rated R for language throughout. Running time: 105 minutes. Three stars out of four.