Climate change is expected to increase the frequency of extreme climatic events, yet few studies have addressed the capacity of plant species to deal with such events. Species that are widespread are predicted to be highly plastic and able to acclimate to highly changing conditions. To study the plasticity in physiological responses of the widely distributed epiphyte Tillandsia utriculata, we transplanted individuals from a coastal scrub and broadleaf evergreen forest to a similar coastal scrub site and forest. After a 45‐day acclimation, the plants were moved to a semi‐controlled greenhouse at each site, and then subjected to a 20‐day drought. Physiological variables were measured during the acclimation and the drought. The individuals of scrub and forest populations had similar relative water content and carbon assimilation in the contrasting conditions of the two transplantation sites despite the high discrepancy between the environments at their original site. Electron transport rates were higher in individuals from the scrub population. Electron transport rates were also higher than estimated from carbon assimilation, suggesting that photorespiration was present. The individuals of the coastal scrub population had a higher capacity to dissipate excess energy this way. The relative distance index of plasticity was high overall, indicating that some traits are highly plastic (titratable acidity, carbon assimilation) in order to maintain the stability of others (maximum quantum yield Fv/Fm and relative water content). We conclude that T. utriculata is a highly plastic species with a high capacity to tolerate extreme environmental changes over a short time.