En un país imaginario, El Dorado, se mueven tres personajes: un demagogo fascista, un político reformista y un intelectual de izquierda, con conductas opuestas, pero que finalmente se manifestarán y actuarán de la misma forma. El filme es una reflexión crítica que antecede al Brasil de 1964.
Eldorado, a fictitious country in Latin America, is sparkling with the internal struggle for political power. In the eye of this social convulsion, the jaded journalist Paulo Martins opposes two equally corrupt political candidates: a pseudopopulist and a conservative. In this context, Paulo is torn between the madness of the elite and the blind submission of the masses. But, in this complex tropical reality, nothing really is what it seems to be.