After thwarting an assassination attempt against President Reagan by an Islamic jihadist, Secret Service agents Richard Chance and Jimmy Hart find themselves reassigned to investigate counterfeiting in Los Angeles. While Chance is known for his reckless and impulsive nature, he hides a corrupt side from his superiors. With just three days left before retirement, Hart undertakes a solitary mission to surveil a suspected counterfeiter, Eric "Rick" Masters, in a remote desert warehouse. Tragically, he meets his end at the hands of Masters and his bodyguard Jack.
Fueled by vengeance, Chance informs his new partner, John Vukovich, that he is determined to bring Masters to justice at any cost. The duo attempts to gather intel on Masters, placing one of his associates, Max Waxman, under observation. However, Vukovich's lapse in vigilance allows Masters to eliminate Waxman, who had become a liability. Although Vukovich seeks to operate within the law, Chance's desperation drives him to increasingly reckless and unethical tactics. He exploits his sexual relationship with parolee/informant Ruth for leads, while Vukovich tries to cultivate a relationship with Masters' legal advisor, Bob Grimes.
Grimes ultimately agrees to facilitate a meeting between the agents and Masters, under the guise of being prospective clients interested in counterfeit bills. Masters is hesitant but eventually consents to produce $1 million in fake currency. In return, he demands $30,000 in upfront payment—triple the legal limit. To finance this, Chance convinces Vukovich to rob Thomas Ling, an individual Ruth had identified as carrying cash for illicit diamond purchases. In a dramatic encounter at Union Station, they manage to seize Ling's money, but their cover is blown when Ling is accidentally killed during the chaos.
The following day brings shocking news: Ling was an undercover FBI agent conducting a sting operation, and the federal agents involved failed to identify Chance and Vukovich. Overwhelmed by guilt, Vukovich is torn while Chance remains focused on apprehending Masters. When Vukovich approaches Grimes for advice, he is encouraged to turn informant, but chooses loyalty over self-preservation.
Their final meeting with Masters for the exchange turns violent when Jack pulls a shotgun. Both Jack and Chance fatally wound each other as Masters escapes. Vukovich pursues him, eventually tracking him to a warehouse where all evidence is incinerated. In a confrontation, Masters reveals that Grimes had been collaborating with him, leaving Vukovich reeling. Masters attempts to eliminate Vukovich but is ultimately shot multiple times as he succumbs to the flames he ignited himself.
Later, Vukovich, now more informally dressed, meets with Ruth, who is preparing to leave Los Angeles. He insinuates that she had been aware of Ling's true identity and had been manipulating Chance all along. Despite her protests about needing the money for debts, Vukovich insists that Ruth is now under his command, mirroring the morally ambiguous tactics that Chance employed, fully entrenching her in the dangerous world she sought to escape.
