The story is set in southern Italy and recounts the tragedy of Canio, the lead clown (or pagliaccio in Italian) in a commedia dell'arte troupe, his wife Nedda, and her lover, Silvio. When Nedda spurns the advances of Tonio, another player in the troupe, he tells Canio about Nedda's betrayal. In a jealous rage Canio murders both Nedda and Silvio. Although Leoncavallo's opera was originally set in the late 1860's, Zeffirelli's production is updated to the period between World War I and World War II.

France, 1792. Chenier is an idealistic poet, in love with the aristocratic Maddalena. While Chenier supports such notions as "liberte, fraternite egalite," his sympathies do not extend to the current Reign of Terror. Likewise, the Revolutionary Tribunal has no need for poets or their girlfriends, especially those judged to be an Enemy of the State. Heads will roll.