Woodrow "Woody" Wilkins, portrayed by Michael Crawford, is an imaginative and quirky American comic book writer who holds an unwavering commitment to realism in his creations. His dedication drives him to construct his very own Condorman flying suit, leading to a daring launch from the Eiffel Tower in Paris, France. Unfortunately, the test flight goes awry when his right wing malfunctions, resulting in an unexpected plunge into the Seine River.
Following this dramatic incident, Woody is approached by his friend, CIA file clerk Harry Oslo, who requests his help with what seems to be a simple civilian paper exchange in Istanbul. Upon his arrival, Woody finds himself in a local restaurant where he encounters the enchanting Russian woman, Natalia Rambova. Initially presented as the Soviet civilian for the exchange, she soon reveals her true identity as a KGB spy. Woody, however, cleverly disguises his own identity, introducing himself as Condorman, a top American agent. Fate intervenes when he fortuitously thwarts a group of assassins, saving Natalia’s life and successfully completing the paper transaction.
Impressed by Woody's heroic yet serendipitous actions, Natalia becomes disenchanted with her manipulative superior, Krokov, and decides to defect. She initiates contact with the CIA, insisting that Condorman should be the one to guide her to safety. Back in Paris, Woody is inspired by their encounter, leading him to create a superheroine character, Laser Lady, modeled after Natalia.
Soon after, Woody receives a directive from Harry and his superior, Russ Devil, to assist in escorting a defecting Soviet agent known as The Bear. Initially hesitant, Woody agrees when he learns that The Bear is actually Natalia, provided that the CIA supplies him with gadgets inspired by his comic book designs.
Their adventure takes a thrilling turn as Woody rendezvous with Natalia in Yugoslavia, where he protects her from the merciless Krokov and his deadly henchmen, including the glass-eyed assassin, Morovich. The trio’s journey reaches a critical moment in Italy before heading to Switzerland, where Natalia learns the shocking truth about Woody—the children recognize her from his comic books. The situation escalates as Morovich sabotages their mission, leading to Natalia's capture by Krokov's men in Monte Carlo.
Despite the CIA labeling their operation a failure and ordering them back to Paris, Woody is determined to save Natalia. With Harry's assistance, they disguise themselves as Arab sheiks, creating a diversion at the Monte Carlo Casino to rescue her. In a gripping escape, Woody employs an upgraded version of his Condorman suit, soaring through the air with Natalia to safety aboard their custom Condorboat. They narrowly evade Krokov and Morovich, whose pursuit culminates in a tense showdown on the water. While they successfully escape, Morovich disregards commands and meets his end, while Krokov vows revenge from the safety of the sea.
In a heartwarming conclusion days later at Dodger Stadium in Los Angeles, Woody, along with Natalia and Harry, revels in the festivities of a football game. A Goodyear Blimp hovers overhead, welcoming Natalia to the U.S. As the scene unfolds, Russ contacts Harry, nudging Woody towards yet another captivating adventure for Condorman.
