The film takes place in a fictionalized version of the 1940s, with Batman (voiced by Kevin Conroy) facing off against a new villain known as the Phantasm (voiced by Dana Delany). The Phantasm is a ghostly figure with a skull-like mask and a penchant for violence. As Batman investigates a series of murders linked to the Phantasm, he finds himself entangled in a complex web of crime and deception.