In a bustling New York City apartment, Pierre Delacroix (Damon Wayans) begins his day with a voiceover reflecting on the meaning of satire. He laments how the advent of the Internet, video games, and the like has significantly diminished the popularity of his profession as a television writer. Meanwhile, in a rundown building, Womack (Tommy Davidson) shakes his friend Manray (Savion Glover) awake for a day's work, which involves visiting the CNS (Continental Network System) building where Delacroix toils. At CNS, Manray charms the staff with his tap dancing in exchange for tips, all while they look for jobs.
Upon arriving at a company meeting late, Delacroix faces reprimand from his boss, Thomas Dunwitty (Michael Rapaport), who critiques the network's poor ratings and declares they need to produce material that is genuinely funny. In a private moment, Dunwitty harshly comments that Delacroix's writing seems to feature "white characters with black faces," insinuating he's an "oreo" for his prestigious Harvard background and refusal to create a "n----r show."
The next day, Delacroix discusses with his assistant, Sloan Hopkins (Jada Pinkett Smith), an audacious proposal: he believes Manray is the key to reviving his career. He schemes to produce a highly controversial and offensive TV show to demonstrate the network's preference for depicting black individuals as buffoons. His intention is to get fired from CNS, liberating himself from the contract. When Womack and Manray seek help at the reception, Sloan intervenes, leading them to Delacroix's office where he shares his outrageous idea for a pilot. He asks Manray to adopt the stage name "Mantan," a nod to the black actor Mantan Moreland.
That evening, Sloan meets her brother Big Blak Afrika (Yasiin Bey), who confronts her about her choices and urges her to introduce him and his politically charged hip-hop group, the Mau Maus, to Delacroix. Later, Delacroix presents the dubious concept of "Mantan: The New Millennium Minstrel Show" to Dunwitty, proposing to showcase a variety of stereotypical performances through the guise of comedy. Although Sloan raises her objections regarding potential protests, they proceed to stage auditions that include a series of disconcerting acts.
As the show develops, Delacroix is torn between his original intentions and the show's growing popularity. Desperate for success, his perspective shifts, leading him to defend the show as satire. This change also impacts Manray, who slowly becomes consumed by fame, treating his fellow performers poorly and disregarding Womack's warnings about his inflated ego.
Conflict soon arises as Sloan accuses Delacroix of projecting his own issues onto her relationship with Manray. Tension escalates further when Delacroix, in a fit of jealousy, tries to control their interactions. That night, he receives a call from his mother who expresses her disappointment in the show, further deepening his turmoil as he perceives his black-themed collectibles ominously shifting in his office.
During a live show, the audience's uncomfortable laughter echoes as they respond to racially charged material; people are confused by Manray's sudden decision to abandon the blackface and deliver a heartfelt speech about his struggles. This ultimately leads to chaos as he is abducted by the Mau Maus, who plan to execute him live online, stirring anxiety among Delacroix, Sloan, Womack, and Dunwitty.
In a tragic culmination, Manray is killed in the broadcast, leaving Delacroix to mourn his actions. Enraged by the show and having lost his way, he lashes out in despair. In the aftermath of the Mau Maus' celebration, the police intervene violently, leaving one member of the group behind, pleading for an end.
Sloan confronts Delacroix with a gun she acquired from her brother, compelling him to watch a tape that showcases the derogatory history of black representation in media. A struggle ensues, resulting in a tragic accident. As Peerless Dothan (Delacroix's real name) faces his demise, he reflects on his misdeeds, leaving viewers with a haunting image of his final thoughts. The poignant closing shot reveals Manray in his element, a tragic reminder of lost potential amidst chaos.
