In the late 1970s, Barry Seal (Tom Cruise), a commercial airline pilot for TWA, finds himself amidst a thrilling yet dangerous web of espionage when he's approached by CIA case officer Monty Schafer (Domhnall Gleeson). Schafer enlists Seal's help in flying covert reconnaissance missions over Central America, using the cutting-edge Piper Smith Aerostar 600, a state-of-the-art twin-engine plane equipped with sophisticated aerial surveillance technology. Although Seal is ostensibly still working with TWA, he reassures his wife Lucy (Sarah Wright) that he's merely launching a logistical support company.
As tensions rise during the Cold War, with Soviet-backed insurgents causing unrest in regions like Guatemala, Honduras, and El Salvador, Seal's missions become increasingly perilous. Despite being shot at during his flights—sometimes losing engines to gunfire—his photographic captures earn commendations for Schafer at the CIA.
As his mission evolves, Schafer recruits Seal to act as a courier between the CIA and General Noriega (portrayed by Alberto Ospino) in Panama. Seal's life becomes even more perilous when he receives an offer from the notorious Medellin Cartel, including figures like Jorge Ochoa (Alejandro Edda) and Pablo Escobar. They propose that he transport cocaine to the United States on return flights, capitalizing on the CIA's protection.
Thus, Seal transitions from flying for the CIA to engaging in drug smuggling, delivering cocaine instead of reconnaissance photos. He begins using airdrops in Louisiana, shrouded by the CIA's overlooking gaze. As Seal grows wealthier, his lifestyle changes dramatically, with the small town of Mena, Arkansas, transforming into a center for U.S. cocaine trafficking.
However, as he runs arms for the Nicaraguan Contras—a mission sanctioned by Ronald Reagan—it becomes clear that many involved are more interested in profit than politics. Seal's operations expand so significantly that he recruits additional pilots to assist in transporting the drugs, effectively turning Mena into a pivotal hub.
His family life becomes strained as challenges surface. Seal's brother-in-law, JB (Caleb Landry Jones), moves in, leading to theft and eventual fallout, culminating tragically in JB's explosive demise. Meanwhile, the escalating activities attract law enforcement attention, forcing the CIA to reexamine their involvement which leads to the eventual abandonment of Seal.
In a twist of fate, Seal strikes a deal with the White House, tasked with obtaining evidence of drug trafficking to aid in political narratives against the Sandinistas. However, his efforts lead to his identification in incriminating photos, resulting in arrest and retaliation from the cartel.
Despite being sentenced to community service, Seal continually fears for his life, living in a precarious situation. Ultimately, his fate is sealed when he, unable to evade his past, is assassinated by cartel hitmen. The CIA swiftly dismantles all connections to Seal, shifting their operations underground while Schafer climbs the ranks within the agency. In the wake of this scandal, Lucy and her children return to Baton Rouge, forging a new path while remnants of their lavish life linger in the form of expensive jewelry.
