In Buenos Aires, Mario Suárez, a middle-aged theatre director, finds himself holed up in his apartment, licking his wounds when his girlfriend (and principal dancer) Laura leaves him.

One evening, while meeting with his backers, he is introduced to a beautiful young woman, Elena, who is the girlfriend of his chief investor Angelo, a shady businessman with underworld connections.

An affair develops between them, but the possessive Angelo has her followed and threatens her with dire consequences if she leaves him, mirroring Mario's own feelings and actions towards Laura before Elena entered his life.

The lines between fact and fiction begin to blur: during a scene in the musical showing immigrants newly arrived in Argentina, two men fight over the character played by Elena.

[2] Wins Nominations Tango was issued on DVD by Sony Pictures in August 1999, in Spanish with English subtitles.