The Devil, Mephistopheles (Peter Fonda), dispatches his bounty hunter of the damned, the Phantom Rider, to reclaim the contract of San Venganza, which encompasses a thousand corrupt souls. Every generation is marked by the presence of a Phantom Rider, cursed to roam the Earth and collect on the Devil's deals. However, when the Rider realizes that surrendering the contract would grant Mephistopheles the power to plunge the Earth into Hell, he defies the command and makes his escape from the Devil's grasp.
Fast forward a century and a half, Mephistopheles sets his sights on Johnny Blaze (Matt Long), a 17-year-old stunt motorcycle rider. In a twisted deal, he offers to cure Johnny's father, Barton (Brett Cullen), of cancer in exchange for Johnny's soul. Johnny, who is infatuated with Roxanne (Eva Mendes), finds himself caught in turmoil as his father disapproves of their relationship, fearing that Roxanne will abandon Johnny if he ever becomes incapacitated. As fate would have it, Roxanne is soon forced to move away, leading both to agree on a plan to elope.
The next day, Johnny wakes to find that his father's cancer has been miraculously cured. Yet tragedy strikes when Barton is killed in a motorcycle stunt, crashing into a deadly ring of fire while performing. Convinced that Mephistopheles is responsible for his father's death, Johnny realizes that their contract is indeed fulfilled, and with it, his soul is now bound to the Devil. Mephistopheles promises to call upon him when necessary, leaving Johnny isolated—unable to maintain friendships, family ties, or romantic relationships.
Years later, Johnny Blaze—now played by Nicolas Cage—has become a renowned stunt rider, known for tackling perilous stunts and miraculously emerging unscathed despite suffering serious injuries in the process. As he prepares for an adrenaline-fueled jump over six Blackhawk helicopters, he reunites with Roxanne, now a journalist. Overwhelmed with emotion, he apologizes for his past abandonment, and she agrees to meet him for dinner.
Meanwhile, Blackheart (Wes Bentley), the demonic offspring of Mephistopheles, emerges on Earth with three fallen angels—Gressil (Laurence Breuls), Wallow, and Abigor—in search of the elusive contract of San Venganza. Blackheart’s goal is to unleash Hell upon Earth. Vulnerable here, Mephistopheles plots to send the Ghost Rider after Blackheart. He transforms Johnny into the Ghost Rider, promising to restore his soul in exchange for vanquishing Blackheart.
Without delay, Johnny is swept into action, battling Blackheart and the fallen angels. He manages to defeat Gressil and force Blackheart's retreat by using the Penance Stare, a powerful ability that invokes the suffering mortals have caused others. The following day, Johnny encounters the Caretaker (Sam Elliott), an enigmatic figure who explains the haunting legacy of the Ghost Rider.
As Johnny struggles with his powers, he misses his dinner with Roxanne, who feels once again betrayed. In a desperate bid to reconnect, he reveals his true identity to her, but she responds with rage and disbelief, unable to accept the reality of his torment. Amidst the chaos, Johnny finds himself in a legal bind due to Blackheart's heinous acts but manages to escape after killing the air angel Abigor.
Determined to protect Roxanne, who is now in danger after Blackheart captures her, Johnny seeks out the Caretaker for guidance. He learns of Carter Slade, a legendary Texas Ranger who had hidden the contract, and discovers that he possesses greater power than his predecessors because he sold his soul for love rather than selfish desires. Armed with this knowledge and a lever-action shotgun gifted by the Caretaker, Johnny sets off for San Venganza.
In a climactic showdown, Johnny confronts Blackheart once again. After a fierce battle, he delivers the contract, only to be left vulnerable when dawn breaks, stripping him of the Ghost Rider's powers. Blackheart seizes the opportunity to absorb the souls contained within the contract, but when Roxanne intervenes, Johnny gains a renewed sense of purpose. Using the shadows to his advantage, he shoots Blackheart, enhancing the gun with his powers.
Just as victory seems within reach, Mephistopheles arrives to remind Johnny of their agreement, but Johnny stands firm, refusing to relinquish his powers to protect the innocent. He declares that he intends to combat evil rather than succumb to it. With Blackheart defeated, Mephistopheles vanishes in fury, while Roxanne recognizes Johnny's redemption and kisses him. Riding off on his motorcycle, Johnny embraces his new life as the Ghost Rider, ready to confront whatever darkness lies ahead.
