In New York City, FBI agent Jerry Cotton finds himself in a perilous situation, restrained by chains on a conveyor belt destined for an industrial pound cutter. His partner dangles helplessly from the ceiling, the duo having just tracked a gang responsible for kidnapping the daughter of a financier. With remarkable resourcefulness, Cotton manages to cut his bonds and fend off most of the gang, rescuing the girl from a dangerous fall, though tragically, his partner sustains severe injuries from a crash below.
Despite his exhaustion from over 49 hours without sleep, Cotton stops at a crime scene on his way home—a man has been found dead in a luxurious apartment's waterbed, and to his shock, he recognizes the victim as Sammy Serrano, a once-elusive figure in the New York underworld known as the "Puppet Master." Years earlier, Cotton had pursued Serrano for the infamous United States Union Gold Robbery, a case that ended in dismissal due to lack of evidence—his only defeat.
Driven by a desire for swift justice, Cotton heads to the Cristallo bar to follow a lead, but his typical lone-wolf approach is challenged when his superior, Mr. High, assigns Phil Decker, a new recruit fresh from the Academy and an unabashed admirer of Cotton, to assist him. Despite Decker's enthusiasm, his lack of skill leads to a convoluted plan to infiltrate Cristallo, which Cotton rebuffs, preferring to work solo.
Now severely sleep-deprived at 72 hours, Cotton spends time with a gang member named Malena, slowly gaining trust within a criminal circle led by Klaus Schmidt. Cotton’s assignment as a courier quickly turns perilous as he is led into a trap, discovering his injured partner's home as the target. Witnessed by other agents, Cotton becomes the prime suspect in his partner’s demise and is framed by a false file implicating him in Serrano’s murder.
In a twist of fate, the FBI brings in Daryl Zanuck, a former partner of Cotton’s, who is determined to prove his guilt. The Bureau, including Mr. High and Zanuck, turns against him as he evades capture in the city. In this high-stakes game of cat and mouse, Decker, who believes in Cotton’s innocence, faces suspension for his loyalty.
As events unfold, Cotton's journey leads him to the Hotel Alabama, where an attempted confrontation with gang members goes awry when Zanuck’s team corners him. In a desperate escape involving a laundry cart filled with pillows, Cotton and Decker find themselves leaping eight stories down, navigating their perilous way through a web of criminals, each more dangerous than the last.
Upon learning of a plan to execute Malena, who is accused of betrayal, Cotton and Decker fall into the hands of vengeful paroled felons. Through quick thinking and distraction, they manage to evade certain death, leading to an absurd yet ingenious moment where mannequins are used to throw off their pursuers.
As they navigate through this chaotic world—now in their underwear and chased by gangsters—the duo picks up Malena’s help to track down an alarm expert named Vasily Doronjovsky. They execute a convoluted plan involving disguises and tricks to infiltrate their enemies. Eventually, the gang arrives at a hidden stash of bricks that reveal the gold from Serrano’s heist, but the tension escalates when Malena betrays Cotton, handcuffing him as she makes off with the gold.
As the climax approaches, Cotton and Decker find themselves entangled in a deadly confrontation against Zanuck, who reveals her true colors as the mastermind behind the chaos, finally aligning the pieces of the puzzle that Cotton has been attempting to solve. By working in tandem, they manage to thwart Zanuck’s plans and reclaim order, paving the way for Cotton’s redemption.
In the end, Jerry Cotton emerges not only rehabilitated but steps into a new partnership with Phil Decker, ready to face whatever challenges come their way, despite Decker’s persistent shortcomings. As the duo navigates the aftermath of their harrowing experiences, they are left to contemplate the lingering impact of their choices in a world where trust can be a fragile thing.
