Chicago, 1930s: Small-time con man Johnny Hooker unknowingly robs a courier for dangerous mob boss Lonnegan. When Lonnegan has Johnny's partner murdered, he seeks help from washed-up grifter Henry Gondorff. Together they devise an elaborate revenge scheme: they set up a fake betting parlor and exploit Lonnegan's gambling addiction to lure him into a brilliant trap. With a team of swindled accomplices, they orchestrate the perfect sting.