The play Naked Masks is divided into three acts, the action taking place over the course of two days in the apartment where the fictional writer Ludovico Nota is living.
In the first act, Ludovico Nota returns home accompanied by a young woman named Ersilia who was just released from the hospital. Ludovico Nota is interested in Ersilia's story and he hopes that by having her close, he can better write about her experience.
Ersilia is a young woman in her twenties, extremely beautiful and the former governess to an Italian Consul in Smyrna. The family had an only child and the mother of the child was also sick so Ersilia had the job of taking care of both of them.
The Consul one day visited by Franco Laspiga, a young lieutenant with whom Ersilia falls in love with immediately. The two start a relationship and Franco promises to marry the young woman. Unfortunately, Ersilia and Franco are discovered in a questionable position by the wife of the Consul and fired.
When Ersilia returned to Italy, she tried to get into contact with Franco. Trying to find him, she also found out that Franco was already engaged and was planning to get married in a few weeks. Upon hearing this news, Ersilia decides to take her own life by drinking poison.
Her suicide attempt fails and Ersilia ends up in a hospital. There, she is interviewed by Alfredo Cantavalle who publishes her story. It is through this story that Ludovico finds about her.
Not long after arriving at the home of Ludovico, the journalist who published her story also comes by to tell her that the Consul, Gotti, came to the city and that Franco is looking for her. Not long after, Franco enters as well, claiming his love for Ersilia and asking her to be his wife.
Ersilia collapses and the men decide it is better to come back the next day to talk to the young woman.
The next day, Ersilia agrees to talk with Franco. She admits she did not try to kill herself because of him and thus, he should not feel responsible for her. Franco however continues to insist that he will marry her, even if it will ruin his reputation.
The consul also appears and he and Ersilia are left alone. The two talk about the published story and for the first time the reader is let in on a secret - the story Ersilia told the press was not true. First of all, she was involved in an illicit relationship with Grotti and the two were discovered by the wife who fired the young woman immediately. Once in Italy, Ersilia tried to earn money by prostituting herself and then committed suicide as an act of desperation. The encounter between Ersilia and Franco was orchestrated by Grotti who tried to ensure Ersilia will have a stable future. Unfortunately, when Grotti saw the two together became jealous and was no longer able to carry out his plan.
The second act ends with Grotti pleading with Ersilia to return to him, claiming he is unable to go on without her. Even though he does not confesses his love, it is implied that he has some type of feelings for the young woman.
The third act takes place on the second day in the evening. Franco and Ludovico find out about the truth and the relationship Ersilia had with Grotti. The two discuss the situation when Grotti also comes on stage, looking for Ersilia.
The play ends in a dramatic way when Ersilia comes on stage and everyone realizes she drank poison once more. She pleads with everyone to just let her die and sends both Franco and Grotti to go back to their finance and, respectively, wife.
