A crew of skilled Grifters pulls off their latest scam and revels in their success. At the helm is Jake Vig, the group's cunning leader, who elucidates the subtleties of deception. Their recent target, Lionel Dolby (Leland Orser), unwittingly becomes embroiled in a sinister plot when Jake orchestrates a scenario that makes it appear he shot a man named Gordo during a botched drug deal. To keep Lionel off the hook for homicide, they convince him to hand over a suitcase brimming with cash. Local detectives Omar and Lloyd offer their assistance to Jake in exchange for a 10% cut, adding to the tension of the unfolding drama.
Things take a dark turn when Big Al (Louis Lombardi), one of the crew members, is found lifeless. The remaining trio soon discovers that their stolen money originally belonged to a notorious crime lord known as The King, who is none too pleased. As an accountant for The King, Lionel had unwittingly given Jake cash that was meant as a collection for organized crime. The King, having tracked Big Al's ill-fated bragging about his recent score, decides the Grifters will now work for him, demanding they siphon funds from Morgan Price (Robert Forster), a rival bank owner.
To aid this new con, Jake recruits his remaining partners, Gordo (Paul Giamatti) and Miles (Brian Van Holt), along with an independent con artist named Lily. The King insists that Lupus (Franky G) also join the crew. Their elaborate scheme revolves around bribing a vice president at the bank to wire $5 million disguised as a business loan. In a gamble, Jake requests $200,000 from The King to grease the wheels—much to the King’s ire, but Jake’s confidence eventually wins him the lender's trust.
The target for their con, Leon Ashby (John Carroll Lynch), works at Price Bank and leads a solitary life devoid of meaningful connections. Lily takes on the role of the pitch's face, but her unconventional attire—a red wig coupled with a flamboyant pigeon-themed scarf—earns skepticism from Jake. Undeterred, she engages Leon under the guise of seeking a loan for a startup, orchestrating a dinner that feigns connections to potential buyers who could elevate the investment.
However, their plan encounters roadblocks when Special Agent Gunther Butan (Andy García) resurfaces in Los Angeles, determined to bring Jake to justice. Manipulating the corrupt LAPD detectives Omar and Lloyd—who he has incriminating evidence against—Butan forces them to switch allegiances. As tension mounts, Jake decides to abort the scheme, leading to a heated confrontation with Lily, who urges him to adapt the plan and proceed.
With the con back on, but now sans Lily's support, the gang carries on, ultimately causing Leon to transfer the funds before Jake devises a treacherous double-cross against The King and Lupus. The final exchange takes place at Ontario Airport, where the two sides collide over the cash, resulting in a chaotic standoff.
In a shocking twist, it is revealed that Lily had betrayed Jake by informing Morgan Price, leading to a face-off where Price's henchman Travis (Morris Chestnut) interrogates Jake about the con's mechanics. Just when things look bleak for Jake, it turns out to be a ruse; Jake had orchestrated his apparent demise and the entire situation was a masterclass in deception involving various players.
Ultimately, Jake's elaborate scheme culminates in a surprising reveal: everyone was in on the con, save for The King and Lupus, alongside Price and Travis, who had no inkling of the scheme unfolding around them. With the corrupt detectives nabbed and Jake's gang reuniting for a celebratory drive into the night, the story offers a thrilling commentary on trust and betrayal.
