Christian Bale and Hugh Jackman play rival magicians in turn-of-the-century London who battle each other for trade secrets, a rivalry so intense that it turns them into murderers.

Set in late 19th century London, the film tells of Rupert Angier (Hugh Jackman), a popular American magician, with his British mentor Harry Cutter (Michael Caine) and girlfriend and assistant Olivia (Scarlett Johansson), who is in a friendly rivalry with Cockney magician Alfred Borden (Christian Bale). However, it soon turns into a jealous rivalry, as Rupert tries to discover the secrets of Alfred's success. It soon emerges though he may have real magical powers.