Wallace Bryton, hosted by Justin Long and his friend Teddy Craft, portrayed by Haley Joel Osment, run the popular podcast The Not-See Party, where they ridicule viral videos of embarrassing moments. Their upcoming episode centers on a young man known as the Kill Bill Kid, who tragically amputated his own leg with a katana. Eager to mock the unfortunate youth further, Wallace decides to travel to Canada for an interview. Through woven flashbacks, we learn that Wallace was once an unsuccessful stand-up comedian whose notoriety has grown with the increasing brutality of his podcasting endeavors, much to the distress of his girlfriend, Ally León, played by Génesis Rodríguez, who accuses him of losing touch with his prior self.
Upon reaching Manitoba, Wallace discovers that the Kill Bill Kid has accidentally died, leaving him in a quandary about his plans. Hurt that his Canadian trip has gone awry, he resolves to stay another day in search of an eccentric new interviewee. While at a bar's restroom, he stumbles upon a handbill that promises a free room along with intriguing tales from a local resident. His curiosity leads him to the grand estate of Howard Howe, depicted by Michael Parks, an elderly man in a wheelchair who welcomes Wallace with tea and fascinating nautical stories. Howe is particularly animated when recounting an incident at sea involving a shipwreck while hunting a legendary shark and the walrus he affectionately named Mr. Tusk, who rescued him during the disaster. However, during this storytelling session, Wallace succumbs to the effects of the drugged tea.
The next time he regains consciousness, Wallace finds himself bound to a wheelchair, missing a leg. Howe fabricates a bizarre tale about a spider bite necessitating the amputation. As Wallace grapples with disbelief about his perilous situation, he begins to comprehend Howe's derangement, especially when Howe reveals his true intentions during a dinner conversation: he is determined to create a life-sized walrus costume for Wallace, driven by an eerie fixation on the creature. Attempts by Wallace to reach Ally and Teddy, who are secretly involved with each other behind his back, yield no response before Howe renders him unconscious.
Realizing the threat he faces, Ally and Teddy rush to Canada, but they encounter numerous false leads during their search. Meanwhile, Howe continues to inflict grotesque alterations on Wallace while delving into his own traumatic past. He shares the harrowing details of his childhood filled with abuse, which have twisted his mind into a hatred for humanity. As Wallace is horrifically transformed, his body fashioned into a grotesque walrus-like being, Howe delights in his "creation"—a perverse mix of human and animal.
Local detective Frank Garmin aids Ally and Teddy in contacting Guy Lapointe, a former cop portrayed by Johnny Depp, known for his relentless pursuit of Howe, and who believes Wallace may still be alive but irrevocably changed. With information gathered from two annoyed convenience store clerks, the trio finally discovers Howe’s hideout.
As they confront Howe, Wallace's mind has become so reshaped that he embodies the essence of a walrus. During a chaotic clash, Wallace, now fully transformed, battles Howe, ultimately resulting in the latter's death by Wallace's tusks. Stunned, Ally and Teddy witness Wallace's horrific metamorphosis, culminating in a chilling call from him, echoing the haunting nature of his condition.
Fast forward a year, Wallace resides in a wildlife sanctuary, permanently woven into the walrus pelt. Ally and Teddy, both emotionally scarred from the past events, visit him, feeding him fish. As Ally recalls a poignant moment from their last conversation—where they discussed the tears that differentiate humans from animals—she expresses her enduring love for him before departing in sorrow. Wallace, adorned in his horrifying new form, lets tears mingle with his tusks while emitting a sorrowful bellow, a haunting reminder of what he once was.
