Will Graham, played by William Petersen, is a former FBI criminal profiler who has withdrawn from his demanding career following a traumatic encounter with the cannibalistic serial killer, Dr. Hannibal Lecktor. Now living a quieter life in Florida, Graham is approached by his former FBI superior, Jack Crawford, played by Dennis Farina, who seeks his expertise on a new killer case. Despite promising his wife that he will only review evidence and avoid danger, Graham finds himself drawn into a chilling investigation in Atlanta, where the police have labeled the murderer the "Tooth Fairy" due to the bite marks left on the victims.
As he delves deeper into the case, Graham uncovers the killer's fingerprints and faces the intrusive tabloid journalist Freddy Lounds. With a bitter personal history between them, Graham's tension with Lounds rises when they meet. Seeking guidance, Graham visits Lecktor in his prison cell, where he elicits the psychiatrist's insights on the ongoing case. After an unsettling exchange, Lecktor claims he will look over the case file, but he cunningly extracts Graham's home address in a deceptive manner.
Graham then journeys to the initial crime scene in Birmingham, Alabama, where he learns from Crawford about Lounds's sensationalized article on the investigation. During this time, they connect with Frederick Chilton, Lecktor's warden, who reveals a note from the Tooth Fairy that indicates admiration for Lecktor and interest in Graham. This revelation leads to a visit to the FBI Academy at Quantico, where further analysis discloses a missing portion of the note that instructs communication via the personals section of Lounds' tabloid.
In a twist of strategy, the FBI deliberately allows Lecktor’s original advertisement to run knowing it would clue the Tooth Fairy into their plans. They orchestrate a meeting with Lounds, providing him with a misleading profile of the killer to provoke a response. However, the operation to catch the Tooth Fairy fails, and Lounds becomes a victim, waking up in the murderer’s lair. Here, he is subjected to a horrific slideshow showcasing William Blake's The Great Red Dragon paintings alongside the killer's victims, culminating in a terrifying moment where Lounds records a statement before meeting a gruesome fate.
As the investigation intensifies, Graham discovers that Lecktor's coded message contains his home address with a chilling directive to harm his family. Rushing back home, Graham finds them safe but shaken. The FBI quickly relocates his family to a secure location, and he attempts to discuss his earlier retirement with his son, Kevin, amidst a mundane grocery trip. Meanwhile, the Tooth Fairy, Francis Dollarhyde, portrayed by Tom Noonan, engages with a blind co-worker, Reba McClane, played by Joan Allen, developing a complicated relationship that both soothes and challenges his violent urges.
Yet, as their bond strengthens, Dollarhyde’s inner conflict surges, leading him to a tragic misunderstanding that escalates into violence. Upon piecing together a connection between the murdered families, Graham and Crawford trace the culprit's path to a St. Louis film lab. Here, they uncover that Dollarhyde utilized home movies to meticulously plan the killings.
In a dramatic showdown at Dollarhyde's residence, Graham, armed with newfound insight and police backup, desperately attempts to save Reba. Just as he confronts Dollarhyde, chaos erupts, leading to a life-or-death struggle. With trepidation coursing through him, Graham fights back, ultimately putting an end to the violent menace. With the chaos subsiding, he reflects on the harrowing experience, choosing to embrace a permanent retirement, bringing a weary closure to his tumultuous journey.
