A cabaret in Buenos Aires on Christmas night.

Two brilliant tango singers struggle to the top of their profession and cope with obstacles to their personal romance.

After a series of doublecrosses involving stolen diamonds, a gangster's babe in Argentina flees to Mexico; she's kept by a druggy, decadent painter and then falls in love with his brother.

Various musical episodes make up this film-magazine in which Del Carril tried to merge his two great passions: cinema and tango.