During carnival week in the south of Spain, Antonio Galvan, expatriate of Spain, sees Concha Perez and becomes infatuated with her.  He then meets his old friend Don Pasqual, who relates the story of how Concha ruined him.  Pasqual rescued Concha from work in a cigarette factory, gave her enough money to live on and proposed marriage to her, but she disappeared after sending him a letter saying she never wanted to see him again.

Three months later, Concha came to ask him for money and professed her love for him, but after receiving the money she refused his second proposal.  Six months later, he ran into her at a nightclub where she was the lead singer.  He still loved her, although she was consorting with a young bullfighter.  After one show, Pasqual broke into her room and beat her upon discovering her with the bullfighter.

Later, he bought Concha's contract from the nightclub owner, and Concha rode off with the bullfighter as Pasqual watched from the balcony.  Because of their association with Concha, Pasqual lost his military commission and the bullfighter committed suicide.  Pasqual makes Antonio swear that he will not see Concha, but Antonio has coffee with her, breaking his promise so he can exact revenge for his friend.  Antonio falls in love with her, though, and when Pasqual breaks in, he challenges Antonio to a duel.

The next morning they meet and Antonio shoots Pasqual, then the police arrest him.  Concha uses her feminine wiles to win his release and two passports, but as she and Antonio cross the border together and are about to board a train for Paris, she changes her mind and takes the return train to be with Pasqual, breaking Antonio's heart.