Princesas is a poetic, moving film about two women, Caye (Candela Peña) and Zulema (newcomer Micaela Nevárez), who find love and friendship with each other while working the streets as putas (whores). Caye is from a middle-class family who don't know she is a prostitute; Caye and the other Spanish putas hang out at a beauty shop all day while waiting for customers, but are increasingly being underpriced by the immigrant putas who crowd the streets.

Among them is Zule, a strikingly lovely illegal immigrant from the Dominican Republic, whom Caye first meets when Zule steals a john from under her nose. The next time they meet, Caye finds Zule in her apartment, badly beaten, and takes her to the hospital. Caye's heart softens toward Zule when she learns Zule has a young son she is working the streets to support. The two women forge a friendship, but Caye hides her friendship with Zule from her Spanish friends for fear they will see her as a traitor.