Stanley Ipkiss, a timid and down-on-his-luck bank clerk, discovers a magical mask that transforms him into a suave and mischievous caricature with supernatural abilities. The mask, an embodiment of the Norse god Loki, grants him the power to act on his deepest desires and impulses, throwing his ordinarily mundane life into a whirlwind of chaos and comedy. By night, Stanley becomes an unstoppable force of nature, living out his fantasies of heroism and romance, all the while drawing the attention of the city, the media, and the local gangsters who covet the mask's power for their own nefarious purposes.

The newfound confidence and powers bring momentous changes to Stanley's life, including catching the eye of Tina Carlyle, a beautiful singer with a connection to one of the city's most dangerous criminals. As Stanley delves deeper into the mask's world, he finds himself caught between his normal, unassuming life and the intoxicating, wild existence that the mask offers. His struggle to balance these two worlds, while dodging the law and the mob, drives him to discover that true power lies not in the mask but in being oneself. Through a series of increasingly bold and imaginative escapades, Stanley learns valuable lessons about confidence, courage, and the importance of identity.