Pavements employs a blend of documentary footage, scripted scenes, and a musical stage play called Slanted Enchanted, which uses Pavement's songs to tell a fictional story paralleling the band's themes. The film also includes a spoof biopic within it, called Range Life, and a museum devoted to the band's history, creating a layered, experimental narrative that mixes fact and fiction.

Joe Keery stars as Stephen Malkmus, the frontman of Pavement. Jason Schwartzman portrays Chris Lombardi, the founder of Matador Records and the band's longtime record label head, while Tim Heidecker plays Gerard Cosloy, another key figure associated with the band.

The film integrates Pavement's music through the musical stage play Slanted Enchanted, which features songs from the band's discography. This play tells a story loosely based on the themes and progression of Pavement's work. Additionally, the film includes concert footage and a museum exhibit showcasing the band's history and memorabilia, further embedding their music into the narrative.

Slanted Enchanted follows Essem, an aspiring musician similar to Stephen Malkmus, who lives in a small town and falls in love with a woman named Anne. He boards a train to New York City with her, faces temptations of fame and glory, has an affair with another musician named Loretta, and ultimately questions whether love is worth the sacrifices. This story loosely mirrors the themes found in Pavement's music and career.

The film depicts director Alex Ross Perry struggling to assemble the film, including dealing with Stephen Malkmus's reticence during filming. It also shows Joe Keery, who plays Malkmus in the biopic segment Range Life, undergoing a psychological descent as he immerses himself in the role, parodying method acting by continuing to speak and act like Malkmus off-camera. This blurs the lines between reality and performance within the film.