The cinematic journey unfolds with Frida (Naomi Ackie), a woman engrossed in her mobile device, who unexpectedly encounters the controversial billionaire Slater King (Channing Tatum). Despite a tumultuous year marked by scandal, Slater is desperate to rehabilitate his tarnished public image and seek redemption. As Frida and her loyal friend Jess (Alia Shawkat) work as cocktail servers at Slater's extravagant gala, they become entwined in the chaos of elite social indulgence.
As the festivities progress, Jess ingeniously smuggles in a collection of glamorous dresses, allowing both women to blend in as surprise guests among the sea of tuxedos. However, an unfortunate mishap occurs when one of Frida’s heels breaks, leading her to topple directly into the arms of a waiter. Slater quickly comes to her rescue, charmingly reintroducing her to his circle of affluent friends as the night escalates.
The evening takes an enticing turn when Slater invites Frida and Jess to his exclusive private island where they will mingle with an array of colorful personalities, including Rich (Kyle MacLachlan), the therapist; Vic (Christian Slater), a photographer; Cody (Simon Rex), the chef; Tom (Haley Joel Osment), the DJ; the college grad Lucas (Levon Hawke); reality star Sarah (Adria Arjona) and her boyfriend Cody; along with party-goers Camilla (Liz Caribel) and Heather (Trew Mullen), not to mention Slater's steadfast assistant Stacy (Geena Davis). Upon their arrival, Stacy collects everyone’s phones, signaling a disconnection from the digital realm.
Once settled in her quarters, Frida stumbles upon a mysterious perfume bottle which she decides to apply liberally. A cryptic maid (María Elena Olivares) whispers "red rabbit" in her ear, instigating a series of perplexing events. As the guests gather by the pool, Frida takes a leisurely tour of the expansive property with Slater, discussing everything from ominous lurking snakes to her new venture in animal-themed nail art.
As evening descends, the group assembles for dinner infused with the heady allure of MDMA droplets. Frida awakens the next morning next to Jess, and discovers to her shock that the red stain on her dress is inexplicably gone, inviting an air of enigma that thickens with each passing moment. A sense of dread starts to envelop Frida as she grapples with distorted memories and unsettling sensations: dirt trapped beneath her nails, unexplainable tastes lingering on her skin. Her conversations with Slater grow increasingly strange as he "reintroduces" her to Rich, a person she is certain she recognized from the gala just days prior. Meanwhile, Jess begins to notice the peculiarities that have been hiding in plain sight, particularly regarding the enigmatic maid and the island's unsettling vibe.
As night falls, the festive atmosphere darkens when Jess screams in terror from a snake bite, prompting Slater to effortlessly handle the situation. While tending to Jess's injury, she confides her growing apprehensions about an alarming presence lurking in the shadows of the island. Before retiring, Jess suffers a surprising nosebleed, seemingly purging her body of an unseen malady.
The next day, Frida sets out to confront Slater but encounters the maid again, who offers her a potent liquor made with venom, adding to the sense of foreboding. Despite its overwhelming effect, Frida continues to unravel the unsettling mystery plaguing the island, gathering cryptic clues: Sarah’s surprising bruise, Jess’s inexplicable disappearance, and the unnerving silence shrouding Camilla and Heather's collective memory loss.
In a shocking turn, Frida discovers a hidden knife behind her mirror, coupled with a jarring flashback of Jess urging her to keep it concealed. Determined to uncover the sinister truth behind the island’s red gift bags and the flower-scented perfumes muddling their memories, Frida teams up with Sarah. Together, they concoct a plan to reverse the effects of their foggy recollections, tricking Camilla and Heather into consuming the snake venom laced with tequila in a desperate attempt to regain their lost clarity. Even Stacy ultimately succumbs to the intoxicating concoction.
As the night progresses, the atmosphere thickens with tension; Frida stealthily slips into Slater's office on a mission to reclaim their phones and gather vital information. Meanwhile, Sarah remains vigilant, prepared to intervene as necessary. Frida’s clandestine exploration leads her to reveal chilling snapshots of past atrocities echoing their current nightmarish ordeal, revitalizing her memories of horror, anguish, and captivity.
As the intensity heightens, Frida recalls vivid moments of terror, detailing Slater's culpability, Stan’s brutality, and the malign intentions behind the perfume. With newfound resolve, Frida reconvenes with Sarah to strategize their next steps. Their dinner transforms into an impromptu war council, wherein they initiate a spontaneous dance party—a calculated distraction to aid their escape.
As haunting memories surge within them, the atmosphere booms with chaos. Camilla’s recollections spark her rage, leading her to exact fatal retribution on Tom, while Heather's distress prompts her to retaliate violently against Vic, only to be silenced by Stan’s brutal intervention. In the ensuing turmoil, Frida confronts an enraged Stacy in a climactic brawl that ends with Frida emerging victoriously.
Outside, Sarah confronts Cody in the wooded expanse, swiftly ending their encounter. Lucas, meanwhile, stands a reluctant witness to the unfolding nightmare, gradually remembering the unspeakable events he has tried to ignore. As Frida and Sarah advance toward Slater's domain, they are greeted by a horrific scene: a fatally wounded Camilla lies at Slater's feet. The distraction affords them a fleeting moment of hope—until Lucas is abruptly cut down by gunfire when he opens the door for them.
As the dust settles, Frida and Sarah prepare themselves for the inevitable confrontation with Slater, the mastermind pulling the strings behind their trauma. With determination in their hearts and vengeance in their eyes, they approach the final showdown that could redefine their fates.
Bursting into the lavish confines of the villa, Frida is overtaken by recollections of her painful past. The puzzle pieces fall into place, recalling her desperate attempts to flee the island a year prior, the jagged scars on her head serving as grim reminders of the brutality she endured. Confronting Slater, she senses his escalating agitation; he readies himself for a lethal act against Sarah, yet Frida is ahead of him—secretly having tampered with his vape pen to incapacitate him with the potent toxin.
As chaos ensues, Frida seizes the opportunity to drag Slater to safety, momentarily escaping the destructive fire that engulfs the villa, claiming Vic in its merciless grip. The closing shot captures Frida standing solitary amid the flames, with her bewildered captor witnessing the inferno of their lavish façade consume them whole.
In the aftermath, Frida makes a triumphant entrance at a grand gala, elegantly accompanied by a now-docile Slater, who remains under the influence of the flower toxin. Her gaze locks on Rich, tension palpable as he grapples with the haunting reality that her memories are returning, unlocking a profound familiarity that troubles him. The evening reaches a frenetic peak as she is introduced not only as Slater's wife but also the new CEO of his corporation—a powerful role that she embraces with newfound confidence and authority.
