Copacabana

Lionel Q. Devereaux and Carmen Navarro are a long-suffering vaudeville duo, living on borrowed time at a New York City theatrical hotel. The manager delivers a hard 24-hour deadline to settle their mounting bill. The pressure pushes them to rethink their act in hopes of a breakthrough before they are turned away.

Lionel proposes a split act: Carmen will be the talent, while Lionel acts as her savvy agent. He believes a focused, star-driven package could revive their fortunes. The idea sets the stage for the Copa audition and the rise of Mlle. Fifi as a rival persona.

Lionel goes to the Copacabana nightclub and pressures producer Steve Hunt to audition Carmen. He pitches Carmen as a potential headliner and tries to secure a spot on the Copa's program. Steve's skepticism makes the audition critical for their future.

Lionel presents a racing form with the name Mlle. Fifi and urges Carmen to audition as the Parisian belle in disguise. The act hinges on keeping two distinct personas onstage, even though Carmen is the wearer of both veiled and unveiled identities. The Copa hires both Carmen and Fifi for performances.

Carmen must perform rapid costume changes to sustain the illusion of two different women. Steve finds himself attracted to the girls, while Lionel uses a claimed engagement to shield Carmen from the producer. Anne Stuart, Steve's secretary, secretly longs for the producer and resents his dating of Fifi.

Rival agent Liggett persuades Lionel to sell Fifi's contract for $5,000, a fast cash decision Lionel accepts. He is unaware that Hollywood producer Anatole Murphy would pay $100,000 for Fifi's discovery. Liggett's appetite for profit grows as suspicions about the veiled Fifi begin to rise.

Liggett grows suspicious after seeing the veiled Fifi enter a taxi and Carmen emerge from the vehicle. To buy time and protect Carmen, Lionel and Carmen stage a pretend fight in Carmen's dressing room. The staged altercation ends with Fifi mysteriously disappearing.

Lionel reports to Steve that Fifi has been found dead in the river, and expresses satisfaction at having 'killed' her. The overheard statement triggers suspicion and the police arrest him for Fifi’s murder. He protests that Fifi was a fabrication, but no one believes him, and he faces imprisonment as the investigation continues.

Steve admits his interest in Fifi was driven by business, and that he is actually in love with Anne. Carmen then enters dressed as Fifi, removes her veil, and reveals that Carmen and Fifi are the same person. The revelation reframes the entire affair and undermines Lionel's alibi.

Producer Murphy purchases the entire premise, embracing the sensational true-story angle. Lionel quickly becomes involved in shaping the film, taking credit for almost every aspect from casting to development. The deal bridges their vaudeville past with a new Hollywood chapter.

The movie opens with a number about the Copacabana, anchoring the story in the very club that catalyzed the chaos. The audience is treated to a meta-textual wink as the real-life ambitions of the characters feed into the screen version. Lionel’s inside track in the production is rewarded with screen credit.