A company that produces a toxic chemical tries to improve its image via a popular spokesperson, Ricky Coogan. Ricky travels to South America to get a first-hand look at the chemical's effects and finds himself at a mutant freak farm. Elijah, who runs the farm, is only too happy to have new subjects on which to try his freak machine. The very chemical that Ricky is supposed to promote is the one responsible for creating the great variety of freaks.

At the 1893 Chicago World's Fair, sideshow barker Flo Ziegfeld turns the tables on his more successful neighbor Billings, and steals his girlfriend to boot. This pattern is repeated throughout their lives, as Ziegfeld makes and loses many fortunes putting on ever bigger, more spectacular shows (sections of which appear in the film). French revue star Anna Held becomes his first wife, but it's not easy being married to the man who "glorified the American girl." Late in life, now married to Billie Burke, he seems to be all washed up, but...

After being accused of crimes he did not commit, a lonely circus performer exacts his revenge on those who unjustly condemned him. The act sparks something inside of him which he cannot stop and now, years later, his inner-demons have truly surfaced. Part urban legend, part tabloid sensationalism... he is now an unstoppable murderous juggernaut, fueled only by hate.

In a modern retelling of Tod Browning's "Freaks" (1932), "Freakshow" tells the story of a group of criminals who chose to hide out by working security at a traveling circus. At first, they plot with an insider to steal the ticket sales, but the wily Lucy has bigger plans. She convinces the gang to let her seduce and marry the aging circus owner, Lon, in order to secure the entire circus fortune after he "suffers an accident". "People die all the time," Lucy says. The freaks are on to their scheme, however, and when the youngest of them is caught by the ruthless gang, they show no mercy to ensure her silence. When the circus folk find the child's remains, they swear vengeance, and no one is safe from their fury--least of all, the wily Lucy.