We are in Madrid in 1914, where the most popular cabaret is the one ruled by the beautiful and shameless Mimí, who has many suitors vying for her affection. When Mimí hears that there's a police agent (Herato) determined to stamp out corruption, she plans on seducing him, disguising herself by acting and dressing like a proper lady. Though Herato is already engaged, he and Mimí become involved. They fall in love, but when Herato proposes to her, she says she's not good enough for him. Then Herato finds out from his ex-fiancée who Mimí really is. Initially, Herato is angry, but he finally forgives Mimí and they get together.

Soledad plays the lead dancer in the opening number and in all the other musical numbers in the movie. She dances in many styles, including can-can and cha-cha. In one scene she is made up to look like an old woman; in another she has a drunken barroom dance.