Charles Morse, portrayed by Anthony Hopkins, a wealthy billionaire, finds himself in a precarious situation amidst two other companions: the photographer Robert "Bob" Green, played by Alec Baldwin, and his assistant Stephen, played by Harold Perrineau. Their journey takes them to a secluded and stunning location in North America, accessible only by Charles's private jet. Joining them is Charles's stunningly beautiful, yet significantly younger wife, Mickey, enacted by Elle Macpherson. The purpose of their trip is a fashion photo shoot, and they become the sole guests at a picturesque lodge owned by Styles, portrayed by L.Q. Jones. He warns them of the area’s bear population, advising to keep food secured.
As they celebrate Charles's birthday, Mickey presents him with a thoughtfully engraved pocket watch, while Bob gifts him an extravagant hunting knife. However, the atmosphere takes a turn when Bob's male model falls ill, prompting him to invite Charles and Stephen to travel with him to a location where an eccentric Indian is reportedly hunting. During their flight, suspicion arises within Charles as he witnesses an innocent kiss shared between Bob and Mickey. In a moment of cryptic tension, he asks Bob how he plans to kill him, but the conversation is abruptly interrupted when the plane encounters a flock of birds, resulting in a catastrophic crash into a nearby lake, leading to the pilot's tragic demise.
Now marooned in a remote wilderness, the trio — lost and drenched in cold water — must navigate their surroundings. They soon realize they are being watched by a feared Kodiak Bear, leading to a harrowing encounter that costs Stephen his life. As Charles and Bob attempt to survive against the odds, Charles taps into his extensive survival knowledge despite being out of his element, forming a reluctant alliance with Bob. Their dangerous circumstances escalate when the bear attacks, compelling Charles to use a hand-carved spear to protect Bob, showcasing a moment of unexpected camaraderie in dire straits.
Their struggle for survival leads them to an abandoned hunters' cabin containing invaluable supplies, including a rifle and a canoe. While Charles prepares to ignite the stove, he stumbles upon a receipt linking Mickey's birthday gift to Bob, revealing that she also bought him an elaborately engraved wristwatch. This new information ignites a sense of betrayal within Charles, confirming his worst fears about Bob and Mickey’s affair. Meanwhile, Bob deteriorates under the influence of alcohol, leading Charles to bitterly lament Bob’s incapacity to confront him sober.
In a tense climax, as Bob prepares to take Charles's life, Charles ingeniously directs him into a hidden "deadfall." Bob is mortally injured, yet Charles's moral compass compels him to transport Bob downriver in hopes of rescue. During their makeshift campsite, Bob expresses regret for his treachery, assuring Charles that Mickey had no part in any conspiracy against him. Just as salvation approaches in the form of a helicopter, Bob succumbs to his injuries, leaving Charles to grapple with the ramifications of betrayal and loss.
Upon returning to the lodge, Charles hands Bob's wristwatch to Mickey, his expression a silent but powerful acknowledgment of her infidelity. In front of the awaiting press, he delivers a poignant statement reflecting on the tragedy: "saving my life." This statement carries the weight of the complex relationships and survival instincts that played a crucial role in the harrowing experience they endured.
