In the late 18th century, Don Diego de Zama finds himself trapped in a remote Argentine outpost, yearning for the company of his wife and children, who reside far away. His heart is set on receiving a coveted transfer to Lerma, a position he believes is just around the corner.
The small town is rife with tales of Vicuña Porto, a notorious figure known for his brazen robberies and heinous acts, with many claiming to have bested him. Dismissing the local gossip, Zama's affections are directed towards the wealthy, married Spanish noblewoman, Luciana Piñares de Luenga, who persistently turns down his advances. His personal life intertwines with his professional struggles as he confronts Ventura Prieto, an assistant magistrate who dares to challenge the exploitation of indigenous people. Tensions escalate between them, especially after Zama discovers that Prieto has managed to capture Luciana's interest, leading to a violent altercation that results in Prieto's deportation to Lerma at the governor's behest.
However, Zama's ambitions suffer a setback when he learns that the governor—his only hope for a transfer—has himself been ordered to leave by the King of Spain. Devastated by the realization that his longed-for transfer remains unattainable, Zama’s frustrations mount, especially after facing scrutiny from the new Governor regarding an employee penning a book during work hours. Commanded to review and report on the manuscript, he complies out of reluctance, only to draft a scathing account that leads the Governor to acknowledge that the king typically dismisses initial pleas and a second letter could take one to two more years to reach him.
Despairing, Zama opts to join a band of men intent on hunting down Vicuña Porto. During their nocturnal venture, he is startled awake to find their horses gone and is approached by one of his companions, who chillingly reveals himself to be none other than Vicuña Porto. Their fate takes a grim turn when they are captured by an indigenous tribe, who unexpectedly release them. The exhausted group is close to returning home, yet Zama is confronted by the captain who insists they cannot return without securing Porto. In a twist of allegiance, Zama discloses Porto's identity, only for the latter's loyal followers to betray him. In a cruel act, they bind Zama and his captain, executing the latter and sparing Zama, believing he possesses knowledge of hidden treasures—actually worthless geodes mentioned in Prieto's book. When Zama protests that no riches exist, the men resort to a brutal punishment, severing his hands.
Stripped of his extremities yet alive, Zama's fate hangs in the balance as he awakens adrift on a raft, having been rescued by an indigenous man and child, leaving his future shrouded in uncertainty.
