Multisensory integration plays a crucial role in building the sense of body ownership, i.e., the perceptual status of one’s body for which the body is perceived as belonging to oneself. Temporal and spatial mismatching of visual and tactile signals coming from one’s body can reduce ownership feelings towards the body and its parts, i.e., produce disownership feelings. Here, we investigated whether visuo–tactile conflict also affects the sensorimotor representation of the body in space (i.e., body schema) and the perception of the space around the body in terms of action potentiality (i.e., reaching space). In two experiments, body schema (Experiment 1) and reaching space (Experiment 2) were assessed before and after either synchronous or asynchronous visuo–tactile stimulation. Results showed that the asynchronous condition, provoking multisensory conflict, caused disownership over one’s hand and concurrently affected the body schema and the reaching space. These findings indicate that body schema and reaching space could be dynamically shaped by the multisensory regularities that build up the sense of body ownership.