Frida (Naomi Ackie), a talented nail artist with a flair for animal-themed designs, works as a cocktail waitress in her spare time. She and her best friend Jess are hired to serve drinks at an exclusive event, where Frida catches the eye of tech billionaire Slater King (Channing Tatum). Recently having stepped down as CEO due to mysterious allegations, Slater is charming and enigmatic. He invites both women to join him and his inner circle on a private island for an extravagant getaway.
Upon arrival, Slater’s strict assistant Stacy confiscates everyone’s phones. The group includes Slater’s friends and business partners: Vic, a renowned photographer; Cody, a private chef; Tom, a DJ; and Lucas, a recent college graduate. Among the female guests are Sarah, a reality TV star; Camilla, an aspiring app developer; and Heather, a stoner lawyer. The women are pampered with luxurious accommodations, high-end meals prepared by Cody, gift bags containing exotic perfumes, and doses of potent hallucinogens.
Tensions begin to brew as Frida competes with Sarah for Slater’s attention. Jess grows uneasy, noting strange lapses in memory and observing that all the local workers have identical snake tattoos. Frida also has unsettling encounters with a maid who cryptically calls her “Red Rabbit.” The carefree atmosphere takes a dark turn when Slater’s personal therapist, Rich, arrives to consult with him, leaving with one of the island’s signature red gift bags.
During a night of partying, Jess is bitten by a snake and becomes increasingly paranoid. She pleads with Frida to leave the island, insisting something terrible is happening. Frida, however, feels seen and validated for the first time in her life and refuses to leave. Jess reluctantly agrees to stay.
The following morning, Frida stumbles upon a secluded cottage filled with dozens of identical red gift bags. Startled by a noise, she encounters the maid again, who urges her to drink a vial of snake venom. Frida reluctantly complies and experiences disturbing but fleeting flashbacks. At breakfast, the men announce a fishing trip while the women are treated to facials. Frida notices Jess is missing, but none of the other women seem to remember her at all.
Later, Sarah finds a lighter engraved with Jess’s name and shows it to Frida, but she remains skeptical that anyone named Jess was with them. Frida, suspecting foul play, convinces Sarah that their memories have been tampered with. Together, they revisit the hut of red gift bags and discover bottles of perfume made from a flower unique to the island. The flower’s scent erases memories, while snake venom serves as the antidote. Frida persuades Sarah to drink more venom, triggering the return of her memories. The horrifying truth emerges: the women were brought to the island for the amusement of the men, who use the flower to erase their nightly assaults.
Determined to fight back, Frida and Sarah trick the other women, including Stacy, into drinking snake venom, restoring their memories. Frida sneaks into Slater’s office to retrieve their confiscated phones, only to discover they are unusable due to lack of service and dead batteries. She also uncovers Polaroids of previous guests and red gift bags given to men, confirming Slater has orchestrated a systematic cycle of abuse, erasing the memories of victims and gifting their abusers the flower-based perfume.
Frida’s memories fully return, revealing the atrocities committed on the island. The men, including Slater, Vic, and Cody, have been sexually assaulting the women every night. Jess was killed when her snake bite rendered her immune to the memory-wiping perfume. Frida and Sarah plot their next move, waiting for the right moment.
As Camilla and Heather recover their memories, chaos erupts. Camilla stabs Tom to death, while Heather injures Vic before being fatally shot by Stan, Slater’s ex-Marine head of security. In retaliation, Slater kills Camilla, further escalating the violence. The surviving men retreat to Slater’s villa, where he belittles Lucas for his passive complicity in their crimes.
Stacy, unable to accept the truth, attacks Frida in a fit of denial. Frida defends herself, killing Stacy in the process. Stan chases Frida but is ambushed and bludgeoned to death by Sarah, who takes his gun. Cody flees into the woods but is presumed dead after a confrontation with Sarah. Back at the villa, Lucas inadvertently triggers a trap set by Frida and Sarah, fatally shooting himself.
In the chaos, Slater captures Frida and reveals a sinister truth: she had been to the island a year prior and experienced the same horrors. She had resisted before, biting off Vic’s finger and scarring her own head in a struggle. The maid recognized her because of her distinctive red rabbit nail designs. However, her memories of that visit were wiped clean by the perfume.
Slater tries to tighten his grip on the situation, but Frida uses her wits to turn the tables. She laces his vape pen with the memory-erasing perfume. Disoriented, Slater panics upon seeing the bodies and slips, knocking himself unconscious as the villa begins to burn. Frida and Sarah escape the blaze, leaving the others to their fates but ensuring Slater survives.
Months later, Slater is a shell of his former self, his mind clouded by the constant use of the perfume. He has no memory of the island’s events. Frida, now married to Slater, takes control of his company as CEO, using the flower to manipulate him and keep him compliant. As she basks in her newfound power, Frida ensures the cycle of abuse ends with her.
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