AI-manipulated videos, commonly known as deepfakes, are an emerging problem. Recently, researchers in academia and industry have contributed several (self-created) benchmark deepfake datasets, and deepfake detection algorithms. However, little effort has gone towards understanding deepfake videos in the wild, leading to a limited understanding of the real-world applicability of research contributions in this space. Even if detection schemes are shown to perform well on existing datasets, it is unclear how well the methods generalize to real-world deepfakes. To bridge this gap in knowledge, we make the following contributions: First, we collect and present the largest dataset of deepfake videos in the wild, containing 1,869 videos from YouTube and Bilibili, and extract over 4.8M frames of content. Second, we present a comprehensive analysis of the growth patterns, popularity, creators, manipulation strategies, and production methods of deepfake content in the real-world. Third, we systematically evaluate existing defenses using our new dataset, and observe that they are not ready for deployment in the real-world. Fourth, we explore the potential for transfer learning schemes and competition-winning techniques to improve defenses.