Jewel thief Miles Logan, portrayed by Martin Lawrence, embarks on an audacious $17 million diamond heist in Los Angeles alongside his loyal crew, including his right-hand man Eddie (John Hawkes), getaway driver Tulley (Dave Chappelle), and the newer recruit, Deacon (Peter Greene). The heist unfolds smoothly until Deacon betrays them, ruthlessly killing Eddie by shooting him from a height and making a treacherous attempt to seize the diamond for himself. As the police catch up, Miles cleverly conceals the stolen diamond within the ducts of a building still under construction, which was part of their escape plan. However, chaos ensues as Deacon escapes the scene, leaving Miles behind to face arrest.
Two years later, after serving his time in prison, Miles seeks to reconnect with his girlfriend Janiece (Tamala Jones), but she ends their relationship when she learns he lied about his criminal past. This heartbreak motivates him to reclaim the diamond, only to discover that the once vacant building where he hid it is now an LAPD police station. To retrieve the diamond, he must navigate the fortress-like facility, which involves a key card for access.
Disguised as a pizza deliveryman, Miles manages to steal an access card and then consults his forger uncle Lou (Richard C. Sarafian). Using a fake badge and transfer documents, he masquerades as a newly assigned detective named Malone. However, what starts as a simple retrieval mission spirals out of control when he inadvertently thwarts a prison escape while trying to access the ducts through the women’s restroom. This act lands him pairing with the newly minted Detective Carlson (Luke Wilson), and what was initially a quick in-and-out plan turns into a lengthy ordeal as Miles is dispatched on various police calls.
His background in criminal activities helps him solve cases quickly, even leading to an unexpected promotion to the head of the Robbery/Homicide division. During their first call, he uncovers that a supposed theft by a car dealer is a ruse for insurance fraud. Things take an interesting turn when he and Carlson stumble upon an armed robbery at a grocery store, orchestrated by none other than Tulley. After forcing Tulley into a deal to keep quiet, Miles resumes his diamond search but faces obstacles when Carlson grows suspicious of his true identity.
Crafty as ever, Miles convinces Carlson that he is with Internal Affairs, hoping to resume his diamond hunt. Their investigations soon lead them to a museum artifact theft that Miles realizes is actually a drug heist. As they intercept a truck loaded with illicit substances, Miles is finally able to retrieve the diamond from the evidence room—only to accidentally drop it into the seized heroin. Meanwhile, Deacon tracks Miles through Uncle Lou, escalating the tension.
In a bold move, a frantic Miles proposes to use the heroin as bait in an elaborate sting operation, leading to a tense confrontation where Deacon reveals Miles's true identity to the criminals. As chaos unfolds, Miles saves Carlson from a deadly ambush and chases after Deacon, who makes off with the diamond in an armored truck. A relentless pursuit ensues, culminating at the Mexico border.
In a clever twist, Miles concocts a deal with Deacon for the diamond in exchange for a ride back to the U.S. But in a stunning betrayal, he handcuffs Deacon to the wreckage, ensuring justice for Eddie’s murder by shooting Deacon dead. As he returns to the border, both FBI and police confront him, yet, surprisingly, they let him go, acknowledging his pivotal role in their operations and their inability to arrest him just past the border. As Miles crosses into Mexico with the diamond, he leaves behind a bittersweet farewell with Carlson and Hardcastle (William Forsythe), embracing his newfound freedom with triumph.
