Don Gallico is a talented magician and master of disguise, who has been working as an illusion inventor for a successful magic company. He dreams of headlining his own magic show and creates a groundbreaking trick called "The Lady and the Buzz Saw." Despite his brilliance, Gallico's ambitions are thwarted by his unscrupulous employer, Ross Ormond, who claims ownership of Gallico's inventions as stipulated in their contract. Adding to his frustration, Gallico's estranged wife, Claire, conspires with Ormond to ruin him financially.

As tensions rise, Gallico's desperation drives him to drastic actions. He adopts a variety of disguises to exact revenge on those who have wronged him. As the stakes get higher, he becomes increasingly entangled in a series of macabre events involving deception, murder, and the dark art of illusion. Meanwhile, detective Alan Bruce starts investigating the mounting deaths and disappearances connected to Gallico's world. The illusionist's meticulous plans begin to unravel as the police close in, leading to a suspenseful confrontation.