A dance company acquires the rights to a 70’s production called The Devil's Waltz. It is the very same production that launched the career of Greta Degand, a Belgian ballerina now living in Brazil who is suspected of having acted as an informer for the government during the Military Regime in exchange for professional and financial gains. To recreate The Devil's Waltz, a young ballerina, Cecília Tornatore, is cast in the lead role. Both generations of ballerinas retire to Greta's cottage, an old winery on the outskirts of town.

Everything was ready so that the veteran ballerina could prepare the newcomer for the character, which requires technical precision and extraordinary interpretation skills. Throughout the process, a sexual tension begins to rise between the two women: Greta sees in Cecília a younger, more narcissistic version of herself, as well as a memory of a person from the past; Cecília projects on her preceptor her entire artistic ideal, in addition to seeing Greta as a stepping stone for her own career. However, hidden between the movements of The Devil's Waltz are second and third intentions on both sides that will put the two ballerinas in a vicious game of cat and mouse.