Exposition: Montresor, the narrator, feels that Fortunato has insulted him. He vows to take revenge. When the meet on the streets during carnival, Montresor manipulates Fortunato into coming to his home to taste a rather good cask of Amontillado.
Rising Action: Montresor leads Fortunato deep into his vaults, which are lined with human remains. Along the way, he gives him several drinks, which makes Fortunato slightly intoxicated. Montresor produces a trowel, claiming they are brother masons. Dramatic Irony occurs--the reader knows this trowel is most likely for Fortunato's demise, but Fortunato is clueless.
Climax: Fortunato is chained within the crypt while Montresor begins to close the aperture in the wall. Montresor is momentarily unnerved by Fortunato's screams.
Falling Action: Fortunato desperately tries to convince himself and Montresor that this was all a good joke they will laugh about later. Montresor continues closing the hole and soon Fortunato is silent. His failure to respond to Montresor's calls tell the reader he is officially dead.
Resolution: Montresor places the last stone in its nook and tells the reader that it is 50 years later and no one has found the remains yet.