One year has passed since the Four Horsemen cleverly outsmarted the FBI, and now the remaining members—J. Daniel Atlas, Merritt McKinney, and Jack Wilder—are lying low while they await instructions from The Eye, the covert society of magicians that recruited them. Frustrated with the inactivity, Atlas takes it upon himself to seek out The Eye, embarking on a journey that leads him to an underground tunnel, where a voice hints that the wait for a new mission might soon be over.
Their handler, FBI agent Dylan Rhodes, eventually assigns them a new task: to expose the unscrupulous businessman Owen Case, whose innovative software secretly siphons off personal data from its mobile user base for his own gain. The team is also joined by Lula May to fill the void left by the departing member, Henley Reeves.
During a high-stakes launch party for the software, the Horsemen execute their plan, only to be interrupted by a mysterious figure who shocks the audience by revealing that Wilder, who was believed dead, is alive. Additionally, it is disclosed that Rhodes is an insider, leading him to flee the scene. Their escape takes them via an emergency tube that unexpectedly leads them to Macau, where mercenaries capture them and bring them before Chase McKinney, who happens to be Merritt's twin brother.
They find themselves under the command of the tech genius Walter Mabry, who had previously faked his own death following Case's corporate betrayal. Mabry coerces the Horsemen into stealing a powerful data-mining device from Case that has the capability to decrypt virtually any electronic device across the globe. Atlas agrees to this risky heist and arranges for the device to be handed over to The Eye after the theft.
Meanwhile, Rhodes, now on the run, orchestrates a daring jailbreak to free Thaddeus Bradley, the man he blames for his father's demise, seeking his expertise. In a twist of fate, Rhodes discovers that Bradley did not kill his father during that fateful escape gone wrong, a truth Rhodes is reluctant to accept.
As the Horsemen infiltrate the facility and succeed in stealing the chip, Atlas faces off against Mabry. In a shocking twist, it becomes clear that Mabry has been scheming all along, misleading Atlas into thinking he was affiliated with The Eye. When Rhodes attempts to reclaim the device, he is captured and taken aboard a yacht where he learns that Mabry is acting under the orders of his father, Arthur Tressler. Tressler accuses Rhodes of ruining him, claiming his mother was denied the insurance payout after his father’s death in the infamous escape trick. Fueled by a desire for revenge, Rhodes has plotted against Tressler for three decades.
Tressler places Rhodes in a replica of the iron safe that ensnared his father, leaving him to drown; however, Rhodes manages to escape. It becomes evident that Tressler is collaborating with Bradley, who appears to have facilitated Rhodes’ capture to further entrap him.
Following their successful heist, the Horsemen make a shocking discovery that the chip they stole is a counterfeit. Rhodes and the team announce a live performance in London scheduled for midnight on New Year’s Eve, luring Mabry and Tressler into a trap. The Horsemen perform a series of astonishing tricks that broadcast live across the streets of London.
In a twist of fate, they are captured and taken aboard a private plane, only to realize that they are still on the ground, trapped in a cleverly devised ruse set up by the Horsemen. Their criminal acts unfold before a worldwide audience, leading to the arrest of Mabry, Tressler, and Chase by the FBI. Rhodes ensures that the crucial evidence they gathered on the true criminals is handed over to the authorities before making his escape.
Eventually, Rhodes and the Horsemen are guided by Li to a secret library nestled within the Greenwich Observatory, where they reunite with Bradley. It is revealed that Bradley holds a significant position within The Eye and was, in fact, an accomplice of Lionel Shrike. Before departing, he proposes that Rhodes fulfill the role of his successor in this secretive organization. The Horsemen, accompanied by Rhodes, step behind a curtain to discover a hidden chamber. Upon entering, they find an imposing staircase, the camera pulls back, revealing the formation of an Eye as the screen fades out.
