Enrique Goded (FELE MARTÍNEZ) is a Madrid-based filmmaker who's surprised when his former childhood friend Ignacio Rodríguez (GAEL GARCÍA BERNAL) suddenly shows up in his office. It's been sixteen years since they last saw each other as Catholic schoolboys who had to deal with their school's pedophilic principal, Father Manolo (DANIEL GIMÉNEZ CACHO), as well as their own homosexual awakening together.
Ignacio, who also goes by the stage name of Angel in his transvestite act, says he has written a screenplay where the first half is based on their childhood past and the second is fictitious. As we see flashbacks to their past and other earlier time periods, Ignacio threatens to blackmail Manolo with the script.
As his ploy unfolds, more revelations occur and others -- including publisher Mr. Berenguer (LLUIS HOMAR) and Ignacio's younger brother Juan -- get involved, all as Enrique becomes increasingly suspicious and tries to figure out what's going on.