The level structure of La-130 has been investigated using the (121)sb(C-12, 3n) reaction with the ROSPHERE array at IFIN-HH, Bucharest. The level scheme was significantly extended with the observation of 45 new states and 100 new transitions. Several band structures have been identified and a clear connection with the lower-lying states has been established. A lifetime of tau = 3.6(2) ns has been measured for the 346-keV 6(-) state by the in-beam fast timing technique. The lifetimes of 18 high-spin states have been determined by applying the Doppler-shift attenuation method. The deformations derived from the experimental B(E2) transition strengths indicate distinct coexisting shapes at high spins in La-130. The experimental properties of both low- and high-spin states were compared with theoretical calculations performed in the frame of the two-quasiparticles-plus-rotor model. Two new negative-parity decoupled bands, with a deduced quadrupole deformation beta(2) = 0.150(15), were interpreted by coupling the proton in the 1/2 and 3/2 orbitals with the odd neutron occupying mainly the low-Omega orbitals from the d(3/2) and 5(1/2) states. A quadrupole deformation beta(2) = 0.220(17) was derived for a newly identified positive-parity decoupled band. This enhanced deformation was attributed to the involvement in the band configuration of the Omega = 1/2 (f(7/2), h(9/2)) intruder neutron orbital. The multiparticle configuration pi g(7/2)(h(11/2))(2) circle times nu (h(11/2)) was assigned to a high-spin negative-parity dipole band, based on the comparison of the experimental B(M1) transition strengths with values calculated by applying the geometrical model of Donau and Frauendorf.