Aspiring artist Tod Hackett, a recent Yale graduate, ventures into 1930s Hollywood with dreams of making it big. He secures a position as an art department production illustrator at a prominent film studio and moves into the San Bernardino Arms, a dilapidated bungalow court filled with colorful characters who are all on the fringes of the film industry. Among the eclectic residents is Faye Greener, a struggling actress with grand ambitions, her father Harry, an ex-vaudevillian, and Abe Kusich, a dwarf embroiled in a tumultuous romance with his girlfriend, Mary. Adore Loomis, a young boy whose mother hopes to turn him into a star, resides nearby, and Homer Simpson, a repressed accountant, secretly harbors feelings for Faye.
Tod notices a crack in the wall caused by an earthquake and whimsically places a bright red flower inside it. His friendship with Faye blossoms as he accompanies her to a screening where she has a minor role, only for her to be disheartened when her appearance is drastically reduced on screen. When Tod tries to express his feelings for her, Faye gracefully deflects, stating she would only consider marriage to a wealthy man.
At a lavish party in the Hollywood Hills, the eclectic guests indulge in stag films. Although hesitant, Faye finds herself drawn to Tod, leading to an intimate campfire outing with cowboy Earle Shoop and his friend, Miguel. An inebriated Tod's jealousy surfaces when Faye dances with Miguel, resulting in a disturbing confrontation. Later, tragedy strikes when Faye and Homer take Harry to a church service, where a healer known as Big Sister attempts a cure for his heart condition—unfortunately, he dies soon after. Struggling for funeral costs, Faye resort to prostitution to make ends meet.
The shy, obsessive Homer’s affection for Faye deepens as he provides support after her father's passing. They eventually move in together while Faye continues her weary pursuit of acting opportunities. During the filming of a Waterloo-themed period drama, Faye narrowly escapes a set collapse, and Tod, who witnesses the chaos, reconnects with her afterward. The trio shares a meal where Faye confesses her relationship with Homer lacks passion, though it provides her with a sense of security.
As the trio attend a party hosted by Faye and Homer, the atmosphere thickens with tension as Faye seeks validation from the other men, including Claude Estee, a successful art director. A confrontation unfolds when Homer catches Faye in a compromising position with Miguel, leading to drama as Tod remains a passive observer.
The situation escalates during the premiere of The Buccaneer at Grauman’s Chinese Theatre. Homer, feeling lost, ignites chaos after a confrontation with young Adore, resulting in a brutal act that leaves Adore dead. The scene spirals into violence as the crowd reacts, leading to an all-out riot. Faye becomes a victim in the ensuing melee, while Tod suffers severe injuries. Amid this chaos, Tod's artistic visions manifest as Goyaesque figures descend upon the turmoil.
Days later, Faye finds herself alone in Tod's abandoned apartment, tears welling as she gazes at the solitary flower left behind, a poignant reminder of what once was.
