V majhni gotski, srednjeveški vasi, obdani s temnim gozdom živi novodobna Rdeča kapica, lepo dekle po imenu Valerie. Odloči se upreti želji staršev in svojo ljubezen namesto bogatemu Henryju nameni postavnemu gozdarju Petru. Ko vas ogrozi krvoločni volkodlak, prestrašeni vaščani za pomoč zaprosijo legendarnega lovca na volkodlake Solomona, katerega besede izzovejo paniko med njimi, saj jih prepriča, da je pošast lahko le eden izmed njih. Je možno, da si volkodlak podnevi nadene človeško podobo? Med osumljenimi se znajde tudi Peter, medtem ko Valerie ugotovi, da jo z zverjo povezujejo nerazložljive sile.
Valerie (Seyfried) is a beautiful young woman torn between two men. She is in love with a brooding outsider, Peter (Fernandez), but her parents have arranged for her to marry the wealthy Henry (Irons). Unwilling to lose each other, Valerie and Peter are planning to run away together when they learn that Valerie's older sister has been killed by the werewolf that prowls the dark forest surrounding their village. For years, the people have maintained an uneasy truce with the beast, offering the creature a monthly animal sacrifice. But under a blood red moon, the wolf has upped the stakes by taking a human life. Hungry for revenge, the people call on famed werewolf hunter, Father Solomon (Oldman), to help them kill the wolf. But Solomon's arrival brings unintended consequences as he warns that the wolf, who takes human form by day, could be any one of them. As the death toll rises with each moon, Valerie begins to suspect that the werewolf could be someone she loves. As panic grips the town, Valerie discovers that she has a unique connection to the beast--one that inexorably draws them together, making her both suspect...and bait.