Searching for a missing student, two private investigators break into his house and find a collection of VHS tapes. Viewing the horrific contents of each cassette, they realize there may be dark motives behind the student's disappearance.

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.