Terry Monroe and Bob Bolaño, two corrupt police officers, find themselves back on the Albuquerque police force after a suspension for assaulting a racist colleague. Their daily operations involve the systematic assault, robbery, and extortion of criminals, alongside accepting bribes and indulging in drugs. While they are keeping an eye on some small-time thieves, the duo suspects local criminal Jimmy Harris is planning a heist. They connect with Reggie, a former associate of Harris, by coercing him through the threat of a false arrest. With Reggie and his friend Pádraic Power, they learn about Clifford Reynard, a getaway driver, and discover that Harris' girlfriend, Jackie Hollis, once worked at a strip club owned by Russell Birdwell. Although Birdwell is cautious, he eventually spills Hollis' address after Monroe and Bolaño invade Harris' home and knock him out to steal valuable items.
Meanwhile, Birdwell informs his superior, James Mangan, an esteemed British businessman overseeing the heist, about the tensions between the cops and Hollis. Mangan orders Birdwell to intimidate both Hollis and the officers. In a turn of events, Monroe visits Hollis to deliver a replacement television, where they develop a flirtatious relationship that escalates to a romantic involvement. As they plan to extort Reynard as well, they hear a disturbing scream, leading them to find Reynard dead at the hands of his hysterical wife. In their frustration, the officers attempt to subdue her while contemplating their next move. The chaos intensifies when Reynard's teenage son escapes from the crime scene, prompting Monroe to scour the city for him.
As the situation unravels, Reggie takes Reynard's place in the heist, misleading Monroe and Bolaño regarding its actual location. When the truth finally surfaces, they find Harris and his crew dead and, mistaking Reggie for the culprit, set out to confront him. They discover Birdwell's harassment of Bolaño's wife, and in retaliation, they severely beat Birdwell, leading to the loss of an eye. Dismissing the notion of accountability, they hear from Power, who reveals that Reggie has fled to Iceland. Assuming an African American man will stand out, they head to Iceland, where to their surprise, they locate Reggie in a crowd. Faced with pressure, Reggie divulges Mangan's role and agrees to a split from the heist's spoils.
Back in Albuquerque, Lieutenant Stanton informs them that Birdwell has filed charges. Monroe and Bolaño maintain that they are close to wrapping things up, which will implicate Birdwell. While searching for Mangan, they stumble upon Reynard's son living on the streets. Monroe insists on taking him in as a foster parent, which Bolaño contests, believing Monroe is ill-equipped for such a responsibility. Despite initial hesitations from Hollis, who is staying with Monroe after Birdwell's assault, they ultimately bond over their shared circumstances.
As tensions rise, Mangan's thugs attempt to intimidate Monroe, but he brushes off their threats with a revealing quip about his past. Nonetheless, after an aggressive encounter with Mangan, Lieutenant Stanton ends up firing them. In a violent twist, Mangan brutally executes Power and attempts to bait the cops with a chance to share the heist proceeds. Soon after, Reynard's son reveals the dark truth behind Reynolds' death—his mother killed him upon discovering his involvement in a child pornography ring orchestrated by Mangan. This revelation ignites Monroe's fire for revenge, prompting him to rally Bolaño to take down Mangan, shifting their focus from profit to justice. In a fierce confrontation, it appears that Bolaño has met his demise, only for him to reveal the safety of a bulletproof vest at the last moment. In a tense climax, Monroe manages to shoot Birdwell, who pleads for his life, while Bolaño confronts and ultimately kills Mangan amidst an attempted bribery.
In the concluding moments, Monroe, Hollis, Reynard's son, Bolaño and his family, alongside Reggie and his girlfriend, are depicted transitioning to a scene of tranquility as they enjoy a holiday in Iceland at the scenic Blue Lagoon.
