During the tumultuous period of the Vietnam War, a band of Black U.S. Army soldiers from the 1st Infantry Division, comprising Paul (Delroy Lindo), Otis (Clarke Peters), Eddie (Norm Lewis), Melvin (Isiah Whitlock Jr), and their squad leader Norman (Chadwick Boseman), whom they call the "Bloods," discover the wreckage of a CIA airplane crash. Inside, they find a treasure trove: a cache of gold bars meant as recompense for the Lahu people for aiding in the fight against the Viet Cong. Tempted by this fortune, the Bloods decide to pocket the gold and bury it for later retrieval. Sadly, their plans take a tragic turn when Norman meets his end during a fierce Vietnamese counter-attack, and the aftermath leaves the squad unable to locate the gold due to a devastating napalm strike that erases crucial landmarks.
Fast forward to the present day, Paul, Otis, Eddie, and Melvin reunite in Ho Chi Minh City, spurred by news of a recent landslide that has unearthed the tail of the downed aircraft. With hope rekindled, they plot to recover both the coveted gold and Norman's remains. During this passage of time, Otis reconnects with his former Vietnamese lover, Tiên (Y. Lan), who surprises him with the revelation that he is the father of her adult child. Tiên then introduces the squad to Desroche (Jean Reno), a French entrepreneur who offers his assistance in smuggling the gold once they manage to retrieve it.
As their adventure unfolds, Paul's son David (Jonathan Majors), who has a strained relationship with his father, joins the team. They enlist the help of Vinh (who becomes their guide), venturing out into the countryside where a confrontation leads Paul to confront his own demons, revealing his struggles with post-traumatic stress disorder. At a hotel bar, David encounters Hedy (Mélanie Thierry), an activist leading a landmine clearance organization, adding another layer of complexity to their journey.
After bidding farewell to Vinh, who promises to return in a few days, the Bloods confront numerous dangers, particularly when Eddie succumbs to a landmine, tragically losing his life. A tense moment arises when David narrowly avoids a similar fate but is swiftly caught in a hostage situation with Paul, who grows increasingly paranoid about potential betrayals from outsiders.
The situation escalates when gunmen demand the treasure in exchange for Seppo, another group member captured during the chaos. The group faces a violent showdown, resulting in injuries and further casualties, including the death of Seppo at the hands of a landmine. Amidst the turmoil, Paul disbelieves Vinh's intentions, leading him to venture off alone with his share of the gold. The comrades, however, extend their goodwill to Vinh, Hedy, and Simon, promising them a portion of the wealth.
In a moment of despair, Paul spirals into guilt but experiences a vision of Norman, who urges him to release his remorse over their shared past. In a dramatic confrontation, Paul falls at the hands of Desroche's men, who later attack the remaining group at their refuge in a temple. A fierce battle ensues, with both Otis and Melvin sacrificing for one another’s safety.
In a heroic act, David ultimately avenges Otis and puts an end to Desroche's threats. The surviving Bloods, with Vinh's assistance, distribute the gold among their loved ones; Melvin’s share is given to his widow, while Eddie's is donated to a Black Lives Matter organization, and Hedy and Simon contribute their portions to the landmine organization in honor of Seppo. Ultimately, the military provides a respectful return of Norman’s remains to his family. In an emotional closing, David reads a heartfelt letter from Paul, reinforcing the unbreakable bond between father and son, while Otis embraces a newfound connection with Tiên and their daughter.
