In the 19th century, a boy named Charles watches as a werewolf slaughters his family. Before dying, his mother passes down a silver amulet in the shape of a wolf head—a family heirloom from his grandfather, a legendary Great Hunter of werewolves. The boy survives when a trap is sprung, causing a chandelier to crash down and kill the creature. Twenty-five years pass, and Charles has become a werewolf bounty-hunter, part of a harsh tradition where lycanthropy is real and the infected are typically shot in the head and burned. Werewolves can only transform during the full moon, and Charles and his team are hired to pursue a new breed that can shift three nights in a row.
Daniel, apprenticed to the town's Doc, has spent time studying the werewolf’s victims to understand how it behaves. He witnesses Charles expose a scam by a rival bounty-hunter, Jaeger, in front of the townsfolk. Impressed, Daniel offers his help to Charles, who reluctantly accepts. Eva, Daniel’s wealthy girlfriend, tries to talk him out of hunting and into studying at the medical college in the city, but fails. Stefan, a companion of Charles, flirts with Eva, much to Daniel’s annoyance.
During the next full moon, Jaeger and some friends try to poach the werewolf from Charles’ group. Instead, they trigger all the traps that Charles and his crew had prepared earlier. The werewolf reveals that it is as intelligent as a person, not a mindless monster. The local Romani leader tells Charles and Daniel that the werewolf will soon be able to transform at will. Having lost faith in the bounty-hunters, the townsfolk decide to take matters into their own hands. The town constable has drawn up a list of people with insufficient alibis, and some are jailed. Daniel’s mother, Vadoma, is locked away and placed under armed guard, as are Eva’s father and the town constable.
The next night, the constable suffers an epileptic seizure and is shot by guards who mistakenly believe him to be transforming. In a panic, the guards kill every prisoner except Vadoma and the Romani leader, who escape in the ruins. Jaeger, who narrowly survived, is used as bait in a new trap by Charles. The werewolf battles the hunters and wins, but strangely does not kill them. Daniel is haunted by nightmares of the monster and wakes with injuries matching the creature’s. Horrified, he discovers that he is the werewolf.
Charles interrogates the doctor, confirming suspicions that Daniel might be the werewolf. He confronts Daniel, who begs to be killed, but the doctor shoots Charles from behind and admits to training Daniel to hunt and kill people. Horrified, Daniel flees to Eva’s house, where Stefan is assaulting her. The two fight to a stalemate, despite Daniel’s werewolf strength. That night, Stefan puts Daniel on display for the townsfolk to see him transform. Daniel transforms, breaks free of his shackles, and flees. Vadoma, pleading for mercy for her son, is killed by mistake.
Stefan and Daniel clash in front of Eva. Stefan reveals himself to be a hundred-year-old wurdalak, granting him unnatural strength. Daniel impales Stefan on a spike, and the wurdalak’s body disintegrates. The doctor reappears and orders Daniel, still in werewolf form, to kill Eva. Instead, Charles appears and shoots the doctor from behind. Daniel returns to human form, and Charles frees him, giving him the amulet and declaring that he is the hunter now. Eva and Daniel share a kiss as Charles and his crew walk away.
