After the successful Cuban Revolution, the story follows the famous revolutionary Ernesto "Che" Guevara in his next major political and military endeavor. Feeling that his work in Cuba is done, Che turns his attention to Bolivia, aiming to spark a wider Latin American revolution. With a small guerrilla force, he begins the difficult task of recruiting fighters and gaining the support of the local population. Faced with the harsh realities of guerrilla warfare, Che and his band face logistical challenges, cultural differences, and the constant threat of the Bolivian army and its American advisors. The film captures the complexities of Che's vision and the intense personal sacrifices he makes in pursuit of his ideals.

As the campaign progresses, Che's group engages in a series of skirmishes and propaganda efforts, trying to win hearts and minds even as their situation becomes increasingly precarious. Despite initial successes, the guerrillas encounter difficulties with communication, supply shortages, and an inability to adequately connect with the Bolivian peasantry, many of whom are wary of their intentions or indifferent to their cause. These challenges underscore the limitations of attempting to replicate the Cuban revolutionary model in a different context. The narrative delves into the ideological and practical struggles faced by Che and his followers, portraying their dedication and the harsh realities of attempting to forge a new future against overwhelming odds.