As the tumultuous year of 1937 unfolds, a troupe of performers finds themselves tragically caught in the devastating grip of war. The enigmatic Funny Clown (Santiago Segura) wreaks havoc on the Nationalist forces, brandishing his trusty machete with deadly precision and unleashing a ferocious frenzy against enemy troops. Even when wounded and disarmed, he takes down dozens before meeting a grim end at the hands of Colonel Salcedo's (Sancho Gracia) merciless horse. The aftermath of this chaos is marked by heart-wrenching tragedy, as the clown's fellow troupe members perish, while he himself is condemned to a life of forced labor at the Valle de los Caídos monument.
Fast forward to 1973, where Javier (Carlos Areces), now a melancholic sad clown, seeks to honor his father's legacy by joining the very same circus. He finds himself in a complicated relationship with the provocative and violent Funny Clown Sergio (Antonio de la Torre), who openly admits that without the constraints of the circus, he might unleash a malevolence upon the world. Javier's heart becomes tangled with Natalia ([Carolina Bang]), the circus's enchanting aerial acrobat. As romantic feelings blossom, he navigates his emotions while grappling with Sergio's unpredictable behavior, which culminates in a shocking incident where Sergio savagely beats Natalia unconscious after succumbing to a night of heavy drinking and rage. Despite this terrifying act, Natalia admits to Javier her inexplicable attraction to Sergio's raw ferocity.
As Sergio’s gaze grows increasingly suspicious of Natalia, Javier’s gentle charm starts to unravel, much like the frayed threads of a worn-out jester's cloak. Fascinated by Javier's unwillingness to laugh at Sergio's inappropriate jokes, Natalia begins to see his depth and emotional honesty. In secret, she and Javier cultivate a forbidden romance filled with stolen glances and tender moments. Under the enchanting lights of an amusement park, Natalia confesses her love for Javier, sealing their connection with a bittersweet kiss.
However, the wrath of Sergio is swift and merciless. His sudden and violent arrival unleashes chaos, resulting in a brutal beating of both Natalia and Javier, which leaves Javier severely injured and confined to a hospital bed. During his stay, Natalia visits him, expressing her concern while vowing to protect him from further harm.
As Javier recovers, his subconscious plays out a nightmare where he is powerless to save Natalia from various threats posed by Sergio. Driven nearly to madness, Javier eventually escapes the hospital, propelled by a fiery quest for revenge against his nemesis.
Returning to the circus, Javier faces resistance from former troupe members but remains determined to confront Sergio and Natalia, only to find them entangled in a passionate affair. Consumed by rage, Javier lashes out, delivering a brutal beating to Sergio, leaving him barely clinging to life.
In the fallout of this violent encounter, the circus crumbles, its members scattering like fall leaves in the wind. Natalia and several others seek refuge in a nightclub, their skills sharpened under the harsh stage lights.
As for Javier, he spirals deeper into madness, retreating into the wilderness where he becomes a feral creature, surviving on the meager scraps of nature. His existence takes a dark turn when captured by hunters led by the ruthless Salcedo, who plans to use him as a hunting dog—only to bring about Javier's transformation into a nightmarish version of himself. A pivotal moment occurs when he bites the hand of Generalísimo Francisco Franco, which lands him in prison. It is here that he has a vision of Natalia, appearing to him like the Virgin Mary and urging him to become her Angel of Death.
Emboldened by this revelation, Javier disfigures his face with sodium hydroxide and a clothes iron, creating a grotesque clown visage. Draped in garments reminiscent of a bishop, he orchestrates a bloody vendetta against Salcedo, shattering the chains of his imprisonment and disappearing into the city, poised to unleash his fury on an unsuspecting world.
Meanwhile, Natalia grapples with the dangerous reality of Sergio's intentions. Preparing for a hasty exit from the nightclub, her escape plan is thwarted by the simultaneous arrival of both Sergio and Javier, who comes armed and vengeful. In a devastating turn, Natalia chooses to flee with Sergio instead of joining Javier, leaving him heartbroken.
Determined not to be thwarted, Javier commandeers an ice cream truck and embarks on a reckless pursuit of Natalia through the city streets. Seizing a moment amidst chaos—a successful attack by ETA on Admiral Carrero Blanco, Franco’s heir—Javier kidnaps Natalia, transporting her to the Valle de los Caídos where he implores her to accept him just as she once cherished Sergio. Initially resistant, she eventually reveals that her affections for Sergio have faded.
Amidst the escalating tension, Sergio learns of Javier's hideout, leading him to inform the military police about Javier's terrorist ties. Joined by the authorities, they embark on a surreal operation to apprehend him, with Sergio slipping into his clown persona to chase them both through the monumental and eerie landscape of the Valle de los Caídos.
Their pursuit reaches a harrowing climax at the apex of the Monumental Cross, where, perilously perched, Natalia professes her love for Javier and devises an escape plan involving lengths of drapery. Yet, Sergio's intervention triggers a ferocious struggle between the two men. In a desperate act of sacrifice, Natalia grips Sergio's leg and leaps, inadvertently causing a tragic fate as her spine snaps under the tension of the fall.
In the aftermath of this catastrophe, both Javier and Sergio are apprehended, forced to confront one another as they sit in custody, drowning in grief and irony. Their shared tears flow freely, blurring the line between laughter and sorrow, leaving them both marked forever by the tragic consequences of love, war, and madness.
