At a Parisian costume ball, Argentinian Manuel Robledo (Antonio Moreno) falls for the lovely Elena (Greta Garbo). The next day he discovers that she is already married to his friend the Marquis de Torre Bianca (Armand Kaliz). Later, a wealthy banker who was having an affair with Elena announces that she has ruined him and commits suicide publicly. To avoid scandal, the marquis moves to Argentina, where the love triangle is renewed, with fatal consequences.