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Abstract We provide a field theory interpretation of the attractor mechanism for asymptotically AdS4 dyonic BPS black holes whose entropy is captured by the supersymmetric index of the twisted ABJM theory at Chern-Simons level one. We holographically compute the renormalized off-shell quantum effective action in the twisted ABJM theory as a function of the supersymmetric fermion masses and the arbitrary vacuum expectation values of the dimension one scalar bilinear operators and show that extremizing the effective action with respect to the vacuum expectation values of the dimension one scalar bilinears is equivalent to the attractor mechanism in the bulk. In fact, we show that the holographic quantum effective action coincides with the entropy functional and, therefore, its value at the extremum reproduces the black hole entropy.