On a desert road in New Mexico, a powerful demon in human form, The Collector, pursues drifter Frank Brayker. The vehicles crash and Brayker flees. Local drunk Uncle Willy takes him to a decommissioned church converted into a boarding house, where he rents a room and observes the residents: owner Irene, prostitute Cordelia, postal clerk Wally, and a convict on work release named Jeryline. A misogynistic cook named Roach arrives and informs the group about a theft attempt on his employer's car, unaware it was Brayker, and a suspicious Irene calls the sheriff. Sheriff Tupper and his deputy Bob encounter The Collector at the crash site, who convinces them that Brayker is a dangerous thief. At the boarding house, Tupper and Bob learn that Brayker is in possession of an important artifact and that he is carrying false ID. Tupper also gets word from his base that both cars were stolen and he arrests Brayker as well as The Collector. The Collector kills Tupper by punching through his skull. Driven outside by the key-like artifact Brayker possesses, The Collector draws his own blood on the sand and produces a team of demonic creatures.Brayker uses blood from the artifact to protect the building and tells the group they must wait out the night. Unable to get in, The Collector uses psychic powers to seduce and possess Cordelia. Cordelia kills Wally and cripples Irene before Brayker kills her. The group attempts to escape through old mine tunnels under the building, where Jeryline finds a boy named Danny hiding. The other townsfolk, under demonic possession, drive them back into the church. The residents demand an explanation, and Brayker reluctantly tells them the history of the key artifact. Following the creation of Earth by God, demons used seven keys to focus the power of the cosmos into their hands. When discovered, God created light, which scattered the demons and the keys across the universe. The artifact that Brayker holds is the last key needed to reclaim power; and to protect it, God had a thief named Sirach fill it with the blood of Jesus Christ. The guardians of the key, immortal while holding it, have since passed it on, refilling it with their own blood when they die. Brayker received the key from his commanding officer during World War I. Danny disappears and Jeryline rallies everyone to look for him, during which Roach sneaks the key out of Brayker's satchel.In the church attic, Irene and Bob discover that Wally was planning to attack the post office with a trunk full of weapons. The Collector soon possesses Uncle Willy, who attacks the others. While battling Willy, Roach makes a deal with The Collector to trade his life for the key, but The Collector betrays and kills him soon after Roach walks away. Brayker retrieves the key in the battle and Irene and Bob sacrifice themselves to stop the remaining minions. In the attic, The Collector brainwashes Danny, who mortally wounds Brayker before Jeryline kills him. As he dies, Brayker initiates Jeryline as a guardian of the key, deactivating all blood seals. The Collector overpowers Jeryline, taking the key from her. When he offers her a place at his side and prepares to take her heart as a trophy when she silently refuses, Jeryline confronts The Collector and spits blood from the key in his face, causing him to revert to his actual demon form before being destroyed.At dawn, Jeryline refills the key with Brayker's blood and boards a bus with her cat, sealing the door behind them. Down the road, the bus stops to pick up a stranger (Mark David Kennerly), who declines to get on stating that he'll catch the next one. Dressed identically to his predecessor and carrying the same suitcase, Jeryline realizes that he is the next Collector. After exchanging a glance in passing, the new Collector begins following on foot, whistling the theme song to the Tales from the Crypt television series.