The 44-year-old actress graduated from the acting program at State University of New York at Purchase. In 1989, Falco made her film debut in Hal Hartley's "The Unbelievable Truth," and in 1991, she re-teamed with Hartley to film "Trust."
In 1992, Falco co-starred in Nick Gomez's Brooklyn-set drama "Laws of Gravity."
Falco had a recurring role as the wife of a blinded police officer on NBC's "Homicide: Life on the Street," and was featured in a two-part guest starring role as a police sergeant on "New York Undercover."
In 1995, Falco starred alongside Lili Taylor and Christopher Walken in Abel Ferrara's "The Addiction." She also appeared in Ferrara's "The Funeral" and starred in the crime-themed comedy "Layin' Low."
In 1997, Falco played Sheriff Marge Gunderson in a failed pilot based on the 1996 hit film "Fargo." In the same year, Falco was featured in the films "Cop Land," "Hurricane Streets" and "Trouble on the Corner." She also had a featured role as prison guard Diane Wittlesey in the HBO drama "Oz."
Falco won the Los Angeles AFI Film Festival Best Actress award for her performance in "Cost of Living" in 1998.
In 1999, the year she was cast as Carmela Soprano, Falco played the title role in the independent feature "Judy Berlin" and had a supporting role in the Harrison Ford drama "Random Hearts."
Falco has appeared on the Broadway stage in "Side Man," "The Vagina Monologues," "Sunshine State" and "Frankie and Johnny in the Clair de Lune."
In 2004, Falco guest-starred on an episode of "Will & Grace" as a lesbian real-estate speculator.
Being on stage runs in Falco's family. She is the daughter of jazz drummer Frank Falco and actress Judith Loney. Falco has an adopted son named Anderson Falco.