Four men entrenched in the film stunt industry band together to execute a bold scheme, smuggling priceless Mexican artifacts into the United States. They are all pilots, with the exception of Quentin, portrayed by James Woods, who serves as the mechanic. Among the pilots is Tom Iverson, played by John Crawford, who operates a charter business in the scenic Florida Keys—the perfect front for their underground operation. Tom's girlfriend, Paula, embodied by Jennifer Warren, is equally complicit in the smuggling venture. While the intricate details of their illicit dealings unfold prior to the film’s starting point, the narrative itself takes off when Los Angeles private investigator and former NFL athlete Harry Moseby—commandingly brought to life by Gene Hackman—arrives in the Keys on a personal mission.
Harry is on the hunt for Delly, the runaway stepdaughter of Tom, a role shared by the stunning Melanie Griffith. His quest is commissioned by Arlene Iverson, Tom's self-absorbed ex-wife and a former actress desperately relying on Delly for support. As the story progresses, Harry grapples with unexpected complexities in his own life; he discovers that his wife Ellen is having an affair. Instead of addressing this upheaval with her, he confronts her lover, Marty Heller, played by Harris Yulin. This confrontation breeds animosity, leading Marty to disdain Harry for prioritizing his detective work over his own marriage. Thus, the emotional landscape becomes tangled, further complicated by Ellen’s growing resentment towards Harry's aloofness.
During his investigation, Harry builds a rapport with Joey Ziegler, a stunt director portrayed by Edward Binns, who is eager to assist him in locating Delly. As twists and turns emerge, Harry uncovers the intricate connections between Delly, Quentin, and another smuggler, Marv Ellman, whose entanglement with Delly sparked rivalry. Unaware of the deeper deceptions lurking in the shadows, Harry manages to track Delly down, finding her with Iverson and Paula in the Keys, where he attempts to coax her back to L.A.
A pivotal moment arises during a night boating excursion with Delly and Paula, where they stumble upon Ellman's abandoned aircraft. Paula deceives Harry regarding a marker she sets at the crash site, misleading him into believing it’s for the Coast Guard, when in fact it signals Iverson to reclaim the contraband. As the plot thickens, Paula seduces Harry to divert his attention from her ulterior motives. Eventually, Delly returns to L.A. with Moseby, only to find Quentin waiting ominously at Arlene's residence. This fateful encounter marks the last time Moseby will see Delly alive, overshadowed by the familial chaos that unleashes upon their arrival.
Tragedy strikes when Arlene secures Delly a job as a movie extra. Unfortunately, during a perilous stunt led by Ziegler—who survives but sustains grave injuries—Delly dies in a horrific car accident. Wrestling with guilt and suspicion, Moseby watches film footage revealing Quentin's presence at the scene just before the stunt, sparking his latent suspicions of foul play. Confronting Quentin, he accuses him of murder, believing he killed Delly after her realization of his involvement in Ellman's death. A violent clash ensues, yet Quentin eludes capture.
Determined to uncover the truth, Moseby enlists Ziegler's help, suspecting treachery underlying the smuggling scheme involving Iverson and Quentin. Returning to the Keys, he stumbles upon a twist of fate—Quentin is dead, leading to a tense confrontation with Iverson, who confesses to killing Quentin. He had believed Quentin was about to turn him in for Ellman's murder, resulting in an explosive struggle between the two.
As tensions mount, Moseby decides to depend on Paula in his search for the purloined artifacts. They navigate treacherous waters, discovering the previously positioned marker. However, disaster strikes—a seaplane emerges, launching an attack on their boat. Harry is struck and injured as the pilot, Ziegler, reveals himself, the last person Harry would have suspected as an antagonist. The climactic sequence unfolds with Harry desperately attempting to navigate the sinking vessel to safety, yet all efforts lead to a futile loop, mirroring his entrapment in the chaos surrounding him. This gripping conclusion leaves audiences pondering the dark twists of fate and the intricacies of trust amidst betrayal.
