In the late 19th century, the life of Dan Evans (Christian Bale), a struggling rancher and Civil War veteran, takes a perilous turn when his barn is set ablaze by two henchmen working for Glen Hollander. Anchored in desperation, Evans tries to shield his family from further misfortunes. The next day, while herding cattle with his two sons, they come across the notorious outlaw Ben Wade (Russell Crowe) and his gang, who brazenly use Evans' cattle to stage an ambush against an armored stagecoach.
As Wade plunders the stagecoach, he spots Evans and his sons watching from afar. Recognizing they pose no threat, he commandeers their horses with the intention of leaving them for the journey to Bisbee. Wade arrives at a local saloon in Bisbee to revel in his successful robbery. Meanwhile, the railroad guards find Evans and his sons with Byron McElroy (a Pinkerton agent) restrained. Upon learning that Wade is headed for Bisbee, they regroup with Evans and McElroy to track him down.
Evans, feeling the weight of his land's fate, confronts Hollander in a saloon, only to discover Hollander's intentions to sell the land to the railroad instead of granting him water rights. This revelation drives Evans to a reckoning with his circumstances, leading him to sabotage Hollander's plan. Evans manages to stall Wade long enough for the railroad guards to seize him.
The owner of the stagecoach, Grayson Butterfield tasks McElroy, Doc Potter (Alan Tudyk), Tucker (Kevin Durand), and Evans with delivering Wade for a $200 reward. They devise a clever plan involving a decoy wagon to mislead Wade's gang, now under the reckless leadership of Charlie Prince (Ben Foster). Evans initially refuses his son William's (Logan Lerman) plea to join the perilous mission, prioritizing his safety over adventure.
As the journey unfolds, Wade becomes increasingly violent, claiming lives indiscriminately. When William unexpectedly appears, Evans tries to send him home, but William defiantly stays. Their trek becomes treacherous when they are ambushed by Apache warriors, during which Evans suffers severe wounds. Yet, Wade surprises everyone by coming to Evans' aid, demonstrating a complicated bond forged under duress.
Their transient safety amidst the chaos is short-lived; both the hunter and the hunted find themselves amidst more turmoil. After a harrowing escape from captivity at the hands of a Chinese laborer foreman, they make their way to Contention, where the threat of Wade's gang looms large. With the arrival of the vicious Prince tightening the noose, the stakes rise dramatically.
Upon reaching Contention, Evans faces an agonizing choice when Butterfield proposes to let Wade go free, but Evans refuses, demanding $1,000 for his wife and assurances for her water rights. The intensity culminates when Evans and Wade, caught in the crossfire, find themselves barricaded in the train station. Here, Wade grapples with his fate and Evans' burning desire to secure a legacy for his sons.
With the train finally approaching, the air thickens with suspense. In a desperate bid for survival, William takes a courageous stand to create a diversion, allowing Evans to push Wade onto the train. Just as triumph seems within reach, chaos ensues, culminating in tragic losses as Wade is forced to make harrowing choices. Ultimately, Wade escapes, leaving a broken Evans behind, but not without a moment of respect exchanged as he rides off into the distance—his horse chasing the departing train.
