The distinct occasion of this sermon is the immediate aftermath of the healing of the lame man at the temple, when a crowd gathers full of wonder at the work of the apostles.
Peter offers a humble deflection, wisely diverting the focus of the crowd from the men and the miracle to the Messiah.
Then he launches into a potent explanation of what they have seen and heard: he speaks of the identity of the Christ, their rejection of the Christ, and makes an offer of the Christ, that they might repent and be converted.
Finally, he brings a gracious application to them, as Jews to whom the gospel comes first before it sounds out among the nations, that they—and others after—might come to Jesus Christ for salvation.
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