In 1937, during the Spanish Civil War, a troupe of circus performers is attacked by Nationalist forces. A clown is forced to join the Republican militia, wielding a machete against the soldiers, forever altering his life and outlook. Years later, his son, Javier, grows up to become a sad clown, haunted by his father's tragic past. Javier joins a circus in 1973, hoping to carry on the family legacy but finds himself constantly at odds with the violent and abusive happy clown, Sergio, the star of the show. As Javier endures hostile work conditions, he becomes enthralled by Sergio's alluring girlfriend, Natalia, adding further tension to the already fraught circus environment.

Despite his attempts to stay out of trouble, a fierce rivalry with Sergio ignites. Javier's yearning for Natalia and his struggle to free himself from Sergio's dominance lead him down a dark and increasingly unstable path. Torn between his oppressed life and the desire for revenge, his actions take drastic and unpredictable turns. The relationships within the circus become explosively untenable, leading to chaos and destruction. The haunting past and brutal present collide, forcing Javier to confront his pain and grapple with the deep-seated madness that threatens to consume him.