The flat spectrum radio quasar PKS 1222+216 (4C+21.35, z = 0.432) was detected in the very high energy γ-ray band by MAGIC during a highly active γ-ray phase following an alert by the Large Area Telescope (LAT) onboard Fermi. Its relatively hard spectrum (70-400 GeV photon index Γ = 2.7 ± 0.3) without a cut off, together with the observed variability on timescale of ∼ 10 min challenges standard emission models. In particular, if the emission originates in a portion of the relativistic jet located inside the broad line region (BLR), severe absorption of γ rays above few tens of GeV is expected due to the γγ → e ± process. These observations therefore imply the existence of a very compact (R b ∼ 5 × 10 14 cm) and very fast blob located far beyond the BLR radius (to avoid absorption), responsible for the rapidly varying high energy flux. However the long term (days-weeks) coherent evolution of the GeV flux recorded by LAT indicates that there could be also the substantial contribution from another, larger, emission region. We model the spectral energy distribution of PKS 1222+216 during the epoch of the MAGIC detection assuming three different scenarios, namely: (1) a one-zone model considering only the emission from a compact blob outside the BLR; (2) a two-zone model considering the compact blob plus an emitting region encompassing the whole jet cross-section located outside the BLR and ( 3) a two zone model with the jet emitting region inside the BLR. We find that in all cases the high-energy emission from the compact blob is dominated by the inverse Compton scattering of the IR thermal radiation of the dusty torus. Furthermore, both regions are matter dominated, with the Poynting flux providing a negligible contribution to the total jet power. These results disfavor models in which the compact blob is the result of reconnection events inside the jet or "needles" of high-energy electrons accelerated close to the BH. Instead, the observational framework and our radiative models could be compatible with scenarios in which the jet is re-collimated and focussed at large distances from the central BH.