The film is centred on the creation of The Night Watch, Rembrandt's most famous work, depicting civilian militiamen who wanted to be celebrated in a group portrait. The film posits a conspiracy to murder within the musketeer regiment of Frans Banning Cocq and Willem van Ruytenburch, and suggests that Rembrandt may have immortalized a conspiracy theory using subtle allegory in his group portrait of the regiment, subverting what was to have been a highly prestigious commission for both painter and subject.
The film also depicts Rembrandt's personal life, and suggests he suffered serious consequences in later life as a result of the accusation contained in his most famous painting.