Vincent's story is one of reality and illusion. Vincent's tale starts when a courtesan supposedly named Rosa Leyen gets gunned down before his eyes, and he decides to play into her attacker's scheme and make conjury his highest achievable art. But in his quest, he falls victim to his own illusions.
Vincent Fontaine's story starts by being violently roused from his afternoon nap at the paddle steamer named Vicki. He is awoken by his highly conscientious manager, Ladislous von Kraus, who can barely keep it together as nothing seems to go according to plan.
When Vincent is instructed to play composed but instead decides to musically explode, he is fired on the spot. With one less care in his world, Vincent embarks on a heartfelt rendezvous with his long-lost friend, Gottfried Todenhöfer, and promises him to clear his debts - making Gottfried burst out in tears - and incites him to never stop having fun.
After Vincent sends off Gottfried with a courtesan named Rosa Leyen, he courts a lady named Leontine Kurzweil, who gives him a mysterious note with his father's name on it. But gunfire erupts before they can get intimate, and a frantic panic ensues. An unknown man threatens and grills Leontine on whether she is Rosa. When she does not answer, he murders her in cold blood. Vincent manages to escape.
Vincent ponderingly plays his concert zither until Gottfried re-joins him and tells him about a conversation he overheard at the practice of his lawyer, Johan von Gapp. It involved two men, Michael Splindegger and Manuel Kronenberg, who have hatched a complex plot to cross the so-called Goldschilds. As Vincent connects the dots and finds out Leontine's note is actually a hit list with his father's name on it, he tries to persuade Gottfried into helping him.
Gottfried, full of doubt, struggles to decide whether to join Vincent and cites the numerous unforeseen complications. Vincent, however, determined to leave no stone unturned, forces Gottfried to reconsider and proposes a plan.
Vincent goes back to look for his lost friend, only to find him unconsciously hanging from the ceiling. Vincent saves Gottfried, just in time.
Traumatized by the tragic event, Vincent waits for Gottfried to come back to his senses. When Gottfried finally does, he begs Vincent to save Rosa’s life. Torn between Gottfried's request and visiting his father, Vincent decides to go look for Rosa first.
Per Gottfried’s request, Vincent journeys deep into the slums of Vienna in search of Rosa. He encounters a weary-of-life Rosa, caught between the debt she owes to Madame Prandtauer and taking care of her dying mother.
The mission to rescue Rosa turns out to be far more treacherous than expected when Rocco Romano, on the brink of death, bursts through the door. He, too, is looking for Rosa and beseeches everyone to run for their lives. In their escape, a couple of Hussars appear to be on their trail, leading Vincent and the others to seek shelter in one of the slum’s worst basement cesspits. Rocco collapses due to his injuries, and the situation of Rosa’s mother worsens, but they manage to escape.
After having Rosa delivered back to Gottfried’s place, Vincent ventures out for the long-overdue inquiry into his father’s situation, weaving and tearing through the cobblestoned streets of Vienna.
At the city palace of the Fontaine family, instead of his father, Vincent encounters a mysterious villain who claims to have kidnapped his parents. He proposes a deal: Rosa in exchange for his parents' life.
Against the backdrop of Vienna’s splendid Burgtheater, Vincent enters the theatre’s drug and prostitute-infested backstage world. After fighting off the advances of the guileful Adele, his counterpart for the brand-new production, he prepares himself to witness the fate of his parents from the stage.
When Rocco - having hatched a complex plot to gain the advantage - murders the mysterious apache before he can get to Rose, Vincent feels he can finally create a stir and spark a revolution. Completely consumed with his role, he gives the speech of a lifetime until murdered on the spot.