Russian agents searching underwater for a mysterious cargo uncover a crate; when they open it, baby dolls rise to the surface and detonate, leaving only a few agents and a Hong Kong detective alive.
Downtown, Tommy Hendricks is arranging a fashion show for V-Six Jeans. Marcus Ray, Jean-Claude Van Damme arrives late after inspecting a warehouse of knock-offs, including the exploding dolls, peddled by a Hong Kong gangster named Skinny. Marcus and Tommy then take part in an annual rickshaw race, during which Marcus' adopted brother and friend Eddie, Rob Schneider, cheats by swapping with a body double. The body double is kidnapped by Russian agents (who are chasing Eddie) and Marcus gives chase. Ultimately, the agents kill the fake Eddie; Tommy accidentally throws a can of food at a plainclothes Hong Kong police officer. The police arrest Marcus and Tommy, but release them without charges.
Back at their office, an executive from V-Six, Karen Lee, claims a shipment of jeans was counterfeit and that Marcus and Tommy are responsible for over $5 million in losses. She agrees to drop the matter if they locate the warehouse that switched the fake jeans and identify who did it. Meanwhile, the Russian bosses eliminate the agents who failed to reclaim the dolls and are tipped off by Skinny that V-Six and a Hong Kong detective are onto them and heading to their warehouse. When Tommy is kidnapped at a restaurant, Marcus follows him and finds him talking to his CIA handlers. He is revealed to be a CIA agent sent to uncover the counterfeiters who used Marcus, “the king of knock-offs,” as his cover.
That night, before they reach the warehouse, a truck bursts out. Marcus climbs on top as it crashes, revealing it to be full of tiny discs. Marcus' boss, Harry Johansson, determines they are powerful nanobombs hidden inside a Buddha statue. Believing Eddie to be in on it, they go to see him. Eddie fingers Skinny as the counterfeiter; Skinny has discovered the bombs and tried to dump them at sea before the Russians found them. He opens a safe to give proof, but it explodes, killing him. Tommy and Marcus fight their way out of the building, with Tommy obtaining security footage along the way.
Marcus abducts Skinny at his workplace and takes him back to the CIA base in the Buddha. There, the security footage reveals Karen was at the warehouse just before the events. At the office, she handcuffs Tommy and prepares to question him. After Marcus leaves, the Buddha explodes, and Marcus races to the office to rescue Tommy. After a fight, she reveals she is CIA as well, and the three team up. While Marcus changes, the Russians kidnap Karen and Tommy, and Marcus finds a bomb detector in Karen's belongings. He realizes the jean studs are the nanobombs and checks the shipping manifest. He and the Hong Kong detective race to the cargo ship where Karen and Tommy are being held.
Harry Johansson boards the ship and shoots dead a couple of Russian agents. Tommy is relieved to see Harry, but Harry reveals he is a double agent intent on ransoming companies for not detonating the nanobombs they have secretly planted in manufactured goods worldwide. Marcus and the detective board the ship and fight through the remaining Russians, escaping just before Harry detonates it. Karen plants a handful of nanobombs on Harry's boat as well, which explodes; they locate the detonator in the water and take it.
Two hours later, Tommy and Marcus talk in a bar. Tommy still has the detonator. In a distant room, Harry, still alive, is planting nanobombs on a toy. Tommy carelessly activates the detonator, destroying the building Harry is in, in the distance.
