Just before Christmas in the late 1800s, a cynical renegade named Bob Sangster returns to his hometown of New Jerusalem with plans to rob the local bank. He is joined by an eclectic group: James "Doc" Underwood, a tubercular outcast whose philosophical insights bring depth to their misadventures; Sam "Gus" Bartow, an illiterate drifter navigating life on the fringes; and Pedro, a troubadour whose music provides a fragile sense of hope.
Once in town, Bob encounters Molly, the woman he once cherished, now engaged to banker Frank Benson. In a misguided gesture, he presents Molly with his mother’s watch as a wedding gift, but tensions rise when he accuses her of marrying Frank to forget him. This accusation stirs emotions in Molly, who, feeling conflicted about her feelings for Bob, angrily returns the watch. Bob soon exchanges it for drinks at the bar, cleverly convincing the bartender—and himself—that the watch is a cherished memento from his deceased mother.
The following morning, while townsfolk host a pie sale for charity, Bob and his gang execute their bank heist. The crime does not go unnoticed, as a group of armed citizens sets off in pursuit, leading to a violent confrontation in the unforgiving desert. Tragically, Pedro is lost, and Doc sustains injuries during their frantic escape.
Amidst the harsh environment, the remaining outlaws face an even graver challenge when they stumble upon a poisoned water hole. On their treacherous journey towards the next water source, they encounter Mrs. George Marshall, a half-dead woman desperate for help with her infant son. Despite her pleas, Bob, unwilling to take on the responsibility of the child, chooses to set off on his own toward the next water hole.
The next dawn reveals grim news; their horses have perished from the poisoned water. Realizing they cannot walk the distance, the group turns back to New Jerusalem. With their water supply dwindling, they divide the last drops but when Doc suggests buying back Bob’s milk can with his share of their bank loot, an act of altruism amidst despair takes place. Despite his frail state, Doc refuses to abandon the baby, ultimately sacrificing himself. As he recites lines from Macbeth, he bequeaths a portion of his remaining life to Gus and implores him to care for the child.
Haunted yet determined, Gus and Bob press onward, but the harsh desert takes its toll. Madness creeps into Gus, leading him to stray from their path, and Bob, burdened by greed, initially turns his back on the baby. However, a twist of fate strikes when a rattlesnake threatens the infant, compelling him to act with a flicker of redemption by saving the child.
As exhaustion overcomes him, just shy of their destination, he prays for the baby’s well-being and decides to drink from the poisoned water hole, believing that the time allowed for the poison to take effect will be enough to reach New Jerusalem. Bob stumbles into town amidst the angelic sounds of Christmas hymns, collapsing in church just as he entrusts the infant to Molly. With his last breath, he dies knowing that he has done something right. The baby holds the watch tightly in its hand, prompting Molly to clarify to a questioning congregation that it was no theft; it was a legacy from a mother to a son.
