A public relations man is invited to guide an American millionaire during his stay in Rio de Janeiro. He gets involved in the most bizarre situations, from orgiastic mega-parties to confrontations with the police, meetings with drug dealers and movie stars, facing corruption and even murder.

Cora is a Mexican prostitute with typically inconsiderate johns. She is troubled by a hole in the ceiling. The hole triggers flashbacks regarding how she got to where she is; she hooked up with a gringo and got involved in digging a well. A horse thief given up for dead gives them a hand.

Born a fully grown black man in a village in the Brazilian jungle, Macunaíma later magically transforms into a white man before making an adventure-filled trip to the city of São Paulo. Once there, he becomes something of a dandy, falling in love with Ci, a revolutionary who dies in an accidental bombing. After robbing a ruthless industrialist, Macunaima returns to his village where he finds his newly acquired knowledge and possessions of little use.

Based on true events, the film tells the story of Brazilian outlaw Promessinha, one of the most famous and feared criminals of his time, depicting his crimes and cruelty, until his death confronting the police.