As the national ambassador for Ranch breakfast cereal, former five-time World Champion Sonny Steele (Robert Redford) has traded in the thrill of competition for a life steeped in advertising splendor. Clad in a dazzling cowboy outfit embellished with bright lights and jewels, he embarks on an extensive tour, captivating audiences with his undeniable charm. However, behind the facade, Sonny's manager, Wendell and assistant Leroy, find themselves in a constant battle to keep their star client sober, especially as AMPCO Industries, the multinational corporation that has enlisted him, grows increasingly disenchanted with his declining performance.
When Hallie Martin (Jane Fonda), a clever television newscaster hailing from New York City, arrives for an AMPCO media event, she becomes intrigued by the company's hesitance to allow conversations with its iconic cowboy figure. As rehearsals kick off for the AMPCO variety show set to take place at Caesars Palace in Las Vegas, Sonny discovers that Rising Star, the $12 million champion racehorse he is slated to ride—and the company’s prized corporate emblem—has been intentionally tranquilized. Fueled by outrage, Sonny storms into a company reception, confronting AMPCO chairman Hunt Sears about the unethical treatment of the regal stallion. Nevertheless, Sears coldly reminds Sonny of his heavy contract and dismisses his concerns.
On the night of the highly anticipated show, in a moment of defiance, Sonny mounts Rising Star and makes a breathtaking escape, galloping down the runway, out of the nightclub, and onto the vibrant Las Vegas strip, with his hat tipped to the audience and saddlebags filled with confetti. As chaos ensues and AMPCO executives scramble to locate Sonny—worried about potential exposure of their dubious practices regarding Rising Star, which could endanger a crucial $300 million merger—they are compelled to announce at a press conference that Sonny is being charged with grand larceny, inciting a media frenzy that threatens to topple their entire operation.
Under the relentless Nevada sun, Sonny embarks on a solitary journey in a borrowed camper van, accompanied by Rising Star. Concerned about the stallion's swollen tendon, he utilizes this time to heal the horse as they venture towards Utah. Meanwhile, Hallie tirelessly follows Sonny’s trail, gathering pieces of information from his friends Gus Atwater and Leroy until she finally tracks down the elusive cowboy through Gus' reluctant hints.
Upon discovering Sonny's campsite, Hallie's unexpected intrusion prompts a furious response from the rebellious cowboy, who retaliates by slashing the tires of her car, effectively hindering her pursuit. Unfazed, Hallie returns to Las Vegas, broadcasting her findings on television but cryptically hinting at Sonny's whereabouts, leaving AMPCO executives frustrated in their attempts to locate him.
As they approach St. George, Utah, Sonny hears radio news of an expansive search for Rising Star, with AMPCO maligning his character. Angered by the accusations, he contacts Hallie, proposing an exclusive interview if she can slip away from Las Vegas undetected. This leads us to a secluded canyon where Hallie sets up her camera to capture Sonny's raw confession: the champion racehorse had been subjected to performance-enhancing drugs and was paraded alongside dancers. However, Sonny has plans for a better future for the stallion.
With insights from his estranged wife, Hallie believes Sonny intends to release Rising Star at Rim Rock Canyon, Utah. She organizes for a film crew to meet her there and, noticing a fleet of police cars in the nearby town, hurriedly sends the videotape to a local television affiliate before rushing to warn Sonny.
During this critical juncture, Sonny and Hallie relocate Rising Star to a secluded lake near Cisco Falls, while Sonny creates a diversion, allowing him to slip away on horseback. Demonstrating his rodeo prowess and the stallion’s extraordinary speed, Sonny skillfully evades authorities, ultimately reconnecting with Hallie by nightfall.
As Hallie's televised account of Sonny’s courageous stand plays out for the nation, public admiration swells. With authorities close on their heels, Sonny, Hallie, and Rising Star abandon their camper and proceed on foot towards a neighboring county. Along the way, they meet a benevolent farmer who, inspired by Sonny's televised plea, offers them a ride in his tractor-trailer without any expectation of the $50,000 reward for Sonny's capture. The farmer also provides food, and as they continue their journey, the initial tension between Sonny and Hallie yields to a burgeoning respect and admiration. It becomes evident that while Sonny proves to be a resourceful outdoorsman, Hallie recognizes his integrity and cleverness.
Meanwhile, AMPCO executives notice the surge in cereal sales driven by Sonny's newfound fame and begin to reevaluate their approach. As they draw closer to their intended destination, Sonny and Hallie spend a night in a remote hunting cabin. However, Hallie's anxiety is palpable as she reveals having sent camera crews to Rim Rock, accompanied by regrets regarding her decision to draw attention to their location. Despite the potential danger from police presence, Sonny remains steadfast, urging them to proceed towards their planned destination.
The following day, Sonny announces their arrival at a breathtaking valley, the place he had always envisioned for Rising Star’s liberation. Hallie, initially confused by the lack of camera crews, is relieved when Sonny reveals that Silver Reef is the true site for their escape plan. With gratitude, Hallie bids farewell to Rising Star with a gentle kiss, allowing Sonny to release the stallion into its new wilderness.
In a contrasting scene, AMPCO executives eagerly await Sonny's arrival at Rim Rock, flanked by media and a welcoming banner—only to face the embarrassment of discovering they have been misled about his location. Elsewhere, Hallie and Sonny share a quiet meal in St. George before parting ways. Later, from the bustling streets of New York City, Hallie reflects on her remarkable journey with Sonny, reporting that all charges against him have been dismissed, while the whereabouts of Rising Star remain unknown.
