In present-day Spain, the scene is set for a large commercial production featuring Don Quixote, portrayed by Adam Driver. As the cast and crew, communicating in English, prepare for the shoot, Toby, the film's director, stumbles upon a significant relic from his past: his student film titled "The Man Who Killed Don Quixote" has been released on DVD. After purchasing a copy, Toby retreats to his hotel room to watch it with Jacqui, played by Olga Kurylenko, with whom he is embarking on a secret romantic affair. However, complications arise because Jacqui is married to a powerful figure in the production, leading to growing tensions when her husband discovers the liaison.
As Toby becomes engrossed in his own film, the narrative seamlessly transitions from the black-and-white film into colorful adventures, centering around the old shoemaker Javier, who believes he embodies the spirit of Don Quixote. Toby sets out to Raul's bar to find Dulcinea, played by Angelica, Raul's sister. The atmosphere thickens when Raul expresses his dislike for Toby's intentions regarding his young sister.
As Toby learns that the town from his earlier film is nearby, he borrows a motorcycle to revisit, where he encounters the deluded Javier, convinced that he is the legendary Quixote and insists Toby is his loyal companion, Sancho Panza. The two embark on a series of strange adventures, one of which involves an accidental fire that thrusts Toby into the spotlight of suspicion, even as the local police fail to see his innocence.
During their escapades, the interactions between Toby and Javier take a comedic yet poignant turn, especially as Javier often sees Toby as an adversary rather than a friend. Their journey leads them to Angelica, who shares her life story of becoming a model under the dubious influence of the wealthy and capricious Alexei, played by Jordi Mollà. The narrative shifts dramatically as Toby finds himself at a crossroads, caught between his feelings for Jacqui and the haunting presence of Angelica, who is a victim of her circumstances yet tries to maintain a facade of happiness.
While dealing with the complexities of these relationships, the tone of the movie transforms from comedy to tragedy, revealing the depth of Angelica's plight and stripping away the lightheartedness once associated with Quixote. The events that unfold are layered with melancholy, compelling the viewer to reconsider the true nature of these characters, especially as the story unveils its darker themes, challenging the audience's expectations of pure entertainment.
