Burt Wonderstone and Anton Marvelton are long-time friends and a headlining magician duo in Las Vegas, whose career has brought them fame and fortune. They revel in the glitz and glamour, performing elaborate illusions to the awe of their audience. However, the pair's success starts to fade with the arrival of Steve Gray, a street magician whose extreme stunts and unconventional performances capture the attention of the public, making Burt and Anton's act seem outdated and stale. Their attempt to revitalize their show with a risky stunt goes wrong, leading to a painful split between the two performers.

Already struggling with a dwindling fan base, Burt finds himself in financial ruin and forced to perform in less prestigious venues. He descends further into despair as he realizes that he's lost touch with why he became a magician in the first place. To make matters worse, he is also confronted with the challenges posed by the contemporary magic scene, which values shock over traditional illusions. Burt must rediscover his love for magic and evolve as a performer to regain his standing. He seeks out his childhood idol, a veteran magician, hoping to find inspiration and reclaim his passion, while also contending with the fast-changing landscape of entertainment that threatens to leave him behind.