Hollywood actor Nicolas Cage finds himself in a spiral of despair, struggling with his career after missing out on multiple significant film roles. His life becomes increasingly complicated by the constant nagging presence of "Nicky," his younger, more accomplished self, who exists solely in his mind. On top of this internal battle, Cage's relationships with his ex-wife Olivia and his daughter Addy are strained from years of emotional detachment.
In a particularly embarrassing moment at Addy’s birthday party, he gets drunk and sings a lamentable song, a desperate attempt to channel his frustrations over his career failures. Following this incident, compounded by losing an important role, Cage contemplates retirement from acting. However, his financial obligations—stemming from a lavish lifestyle—lead him to accept a $1 million offer from his agent Richard Fink to attend the birthday festivities of billionaire playboy Javi Gutierrez in Majorca.
At first, Cage is put off by Javi's clinginess and his insistence on improvising a film based on a script he wrote. Nonetheless, he soon becomes motivated by Javi's passion, leading to a swift camaraderie between them as they bond over their mutual appreciation for cinematic treasures like The Cabinet of Dr. Caligari and Paddington 2, which Cage experiences for the first time with Javi.
The plot thickens when Cage finds himself face-to-face with CIA agents Vivian and Martin, who suspect Javi of being linked to the kidnapping of Maria, the daughter of an anti-crime politician in Catalonia. Despite denying any wrongdoing on Javi's part, Cage decides to assist the CIA in their mission, driven by his actor’s intuition that Javi isn't the criminal they believe him to be.
After cleverly rigging cameras around Javi's estate, Cage attends a party where he claims he is working on a new film with Javi, all while searching for Maria. A wild adventure ensues involving some unexpected LSD-fueled antics, leading Cage and Javi to believe they are being surveilled, culminating in a heartwarming moment of collaboration as they help each other escape a wall.
During these escapades, Cage stumbles upon a shrine dedicated to his films within Javi's home, showcasing a wax figure of his character Castor Troy from Face/Off. This discovery makes it difficult for Cage to consider betraying Javi, but Vivian persuades him to incorporate the kidnapping into their script, somehow hoping to extract information about Maria's whereabouts.
When Cage pitches the concept to Javi, he perceives Cage as creatively stagnant, urging him to explore his emotional issues. Meanwhile, Javi brings Olivia and Addy to Majorca, resulting in a confrontation filled with tension where Cage attempts to apologize, only to be rebuffed for prioritizing his film career over his family.
Things escalate further when Javi's cousin Lucas, revealed to be the true arms dealer and kidnapper, threatens Javi, commanding him to eliminate Cage. Amidst rising tensions, both Cage and Javi confront whether they can truly harm one another, while further complications arise as Lucas sends men to attack them.
As the stakes grow, Cage, Javi, Olivia, and Javi’s assistant Gabriela attempt to escape to a CIA safe house, only to find it has been compromised. With Martin dead and Vivian sacrificing herself to save them, Cage and the others devise a plan to pose as notorious crime figures to get close to Lucas.
In a gripping finale, Cage’s family is whisked away to safety while he faces Lucas in a heated chase to the American embassy. With Addy’s help, he retrieves a knife and defeats Lucas, resolving the threat just in time for Cage's new film to debut—one that captures their adventure. He receives accolades for his performance, ultimately reconnecting with Javi and returning to his family, ready to watch Paddington 2 together, now with a rekindled and healthier relationship.
