In late nineteenth-century London, two ambitious young magicians, Robert Angier and Alfred Borden, start out as shills for an established magician. When a trick involving a water tank goes tragically wrong, it ignites a bitter rivalry between them. Angier blames Borden for the accident and becomes obsessed with outdoing him. Each becomes consumed by their competition, leading them to dedicate their lives to besting one another. They spy on each other, sabotage one another’s acts, and strive relentlessly to discover the secrets behind their respective most impressive illusions.

As the rivalry escalates, both magicians raise the stakes, developing increasingly dangerous and complex tricks in an attempt to definitively outperform the other. Angier travels to America to consult with an eccentric inventor to create the ultimate stage illusion, hoping to finally surpass Borden's famed act. Meanwhile, their obsession exacts a heavy toll on their personal lives, as relationships suffer and the boundaries between professional rivalry and personal animosity become blurred. The drive to be the best and achieve the most astonishing illusion leads them down a perilous path where the cost may be more than either is willing to pay.