diff --git a/rest_framework/views.py b/rest_framework/views.py
index 07e713939..3ece66e68 100644
--- a/rest_framework/views.py
+++ b/rest_framework/views.py
@@ -2,6 +2,7 @@
 Provides an APIView class that is the base of all views in REST framework.
 """
 from __future__ import unicode_literals
+import inspect
 
 from django.core.exceptions import PermissionDenied
 from django.http import Http404
@@ -369,8 +370,13 @@ class APIView(View):
             else:
                 exc.status_code = status.HTTP_403_FORBIDDEN
 
-        context = self.get_renderer_context()
-        response = self.settings.EXCEPTION_HANDLER(exc, context)
+        exception_handler = self.settings.EXCEPTION_HANDLER
+
+        if 'context' in inspect.getargspec(exception_handler).args:
+            context = self.get_renderer_context()
+            response = exception_handler(exc, context)
+        else:
+            response = exception_handler(exc)
 
         if response is None:
             raise
diff --git a/tests/test_views.py b/tests/test_views.py
index e9b75f065..9952248fc 100644
--- a/tests/test_views.py
+++ b/tests/test_views.py
@@ -6,6 +6,7 @@ from django.test import TestCase
 from rest_framework import status
 from rest_framework.decorators import api_view
 from rest_framework.response import Response
+from rest_framework.request import Request
 from rest_framework.settings import api_settings
 from rest_framework.test import APIRequestFactory
 from rest_framework.views import APIView
@@ -121,12 +122,7 @@ class TestCustomExceptionHandler(TestCase):
     def setUp(self):
         self.DEFAULT_HANDLER = api_settings.EXCEPTION_HANDLER
 
-        def exception_handler(exc, context=None):
-            self.assertTrue('args' in context)
-            self.assertTrue('kwargs' in context)
-            self.assertTrue('request' in context)
-            self.assertTrue('view' in context)
-
+        def exception_handler(exc):
             return Response('Error!', status=status.HTTP_400_BAD_REQUEST)
 
         api_settings.EXCEPTION_HANDLER = exception_handler
@@ -151,3 +147,22 @@ class TestCustomExceptionHandler(TestCase):
         expected = 'Error!'
         self.assertEqual(response.status_code, status.HTTP_400_BAD_REQUEST)
         self.assertEqual(response.data, expected)
+
+    def test_context_exception_handler(self):
+        def exception_handler(exc, context=None):
+            self.assertEqual(context['args'], ())
+            self.assertEqual(context['kwargs'], {})
+            self.assertTrue(isinstance(context['request'], Request))
+            self.assertTrue(isinstance(context['view'], ErrorView))
+
+            return Response('Error!', status=status.HTTP_400_BAD_REQUEST)
+
+        api_settings.EXCEPTION_HANDLER = exception_handler
+
+        view = ErrorView.as_view()
+
+        request = factory.get('/', content_type='application/json')
+        response = view(request)
+        expected = 'Error!'
+        self.assertEqual(response.status_code, status.HTTP_400_BAD_REQUEST)
+        self.assertEqual(response.data, expected)