In the opening scene, we find Allison sitting by herself on a dock that overlooks a fog-laden lake. After a brief moment of solitude, she retreats into a cabin where she turns her attention to a notepad.

Part One: The Bear in the Road

Set in a secluded lake house nestled in the Adirondack Mountains of upstate New York, we join Gabe (Christopher Abbott) and his live-in girlfriend Blair (Sarah Gadon) as they host the visiting film director Allison (Aubrey Plaza), who is also a former actress in need of fresh inspiration. It’s clear that Gabe is drawn to Allison, shedding light on the unhappy dynamic with his pregnant partner, Blair. The couple’s perpetual bickering unfolds in front of an increasingly uncomfortable Allison; Blair criticizes Gabe’s stagnant music career while he takes jabs at her drinking habits. Caught in this emotionally charged back-and-forth, Allison finds herself torn between the couple, igniting even more tension.

When Gabe passionately complains about society’s shortcomings, Blair becomes visibly upset, especially when Allison jokingly aligns herself with his critique of feminism. Awkwardness ensues, forcing Allison to excuse herself as the couple retires to their bedroom. Their argument escalates with Blair accusing Gabe of harboring feelings for Allison, but they later reconcile. Later that night, after Blair has fallen asleep, Gabe meets Allison for a swim in the lake. This encounter deepens their connection, leading Gabe to confess that Blair’s pregnancy was unplanned. In turn, Allison admits to having fabricated details about her life during their conversations. A kiss transforms into a passionate encounter, interrupted violently when Blair storms in, attacking Gabe, which leads to a chaotic sequence of arguments. In the heat of the moment, Gabe realizes Blair is injured and commands Allison to fetch the car to drive them to the hospital. However, on the way, an unexpected sighting of a black bear forces Allison to swerve, resulting in a collision with a tree.

Part Two: The Bear by the Boat House

Fast forward a few years, the once tranquil lake house is now bustling with activity as a film shoot takes place. Gabe, now the director, oversees Allison and Blair, who have swapped roles for the film, with Allison portraying the scorned wife and Blair as the interloper. Although Gabe and Allison are now married, their dynamic is fraught with tension as Gabe often shows rudeness towards Allison, favoring Blair instead—a fact that unsettles the crew.

He deliberately stirs jealousy in Allison, hinting at a real affair with Blair as a method to enhance Allison’s performance, pushing her to the brink. Amidst a haze of alcohol, Allison repeatedly disappears from set, leading to interventions by the crew. When she makes her drunken return, Gabe cannot help but chastise her publicly, blaming her for the chaos around the lead actress role she so desperately wanted.

As tensions reach a breaking point during a climactic scene, Allison finds herself battling Blair in a mix of acting and genuine aggression. Though Gabe revels in this heightened performance, Allison seeks solace away from everyone, locking herself in a room until she invites Baako (Grantham Coleman), a cameraman, to her in a moment of vulnerability. Their exchange leads to a kiss, with Allison pleading for his affection, a stark contrast to her public persona.

When she returns to the set, the re-shot scene spirals into an uncontrollable breakdown as she lashes out at Gabe, embodying an authentic emotion that leaves everyone shocked. “>You were supposed to love me, not Blair!” she cries out, releasing the pent-up anguish she’s hidden. Despite the camera’s off switch, her sobs echo in the air, prompting Gabe to console her while the crew exchanges uneasy glances.

After the day’s chaos subsides, a wrap party begins, but Allison’s heart remains heavy. She shares intimate thoughts with Gabe, urging him to pursue a relationship with Blair, whom she believes is better suited for him. Their conversation delves into nostalgia, expressing a longing for the days before fame tarnished their connection. As Allison drifts off to sleep, Gabe finds a moment to sit with Blair.

Alone and frantic when she awakens, Allison begins a desperate search for Gabe, leading her back to the lake house, where she encounters a real bear—this time, a symbol of her emotional turmoil. Watching through a window as Gabe and Blair share an intimate moment, she faces the bear that has now come to embody her own fears and regrets. Calmly, she seems to accept her fate as she walks toward the creature.

The film concludes full circle, reflecting back to Allison at the foggy lake, regaining her solitude. The notepad in her hand holds a new meaning, as she pens the words “Black Bear,” suggesting that perhaps this haunting experience is a story yet to be fully told, as she glances knowingly at the viewer.