At the Bureau of National Security headquarters, BNS Special Agent Alex Scott (Owen Wilson) is accosted by his rival agent, Carlos (Gary Cole), before being debriefed on his next mission. Scott is assigned to recover a stolen fighter plane sold to arms dealer Arnold Gundars (Malcolm McDowell). The plane is known as the "Switchblade" and is invisible to both radar and the naked eye. The BNS learns that Gundars is sponsoring Middleweight world boxing champion Kelly Robinson (Eddie Murphy)'s next match and is using the event to auction off the plane.The agency has contacted Robinson and assigned him to be the civilian cover for Scott's mission. Scott and Robinson travel to Budapest, where Scott plans to penetrate Gundars' compound during a party taking place that night just before the fight. The duo clashes from the beginning, with Robinson treating Scott as a new member of his entourage. Robinson is initially wary of Scott's penetration plan but is convinced after Scott frightens Robinson while maneuvering the plane and gives Robinson a pair of contacts that allow Robinson to see whatever Scott sees.In Budapest, Robinson is kidnapped after walking off with a local woman and interrogated. Scott bursts in, frees Robinson, and fights the kidnappers before revealing that the entire situation was a test. The woman is Rachel Wright (Famke Janssen), a fellow BNS agent and the object of Scott's affections. At Gundars's party, Robinson replaces Gundars's pen with a duplicate fitted with a tracking device before confronting his European challenger in the party's boxing ring. Scott, posing as a member of Robinson's entourage, uses this as a diversion to enter Gundars' private office and hack his computer. Robinson arrives unexpectedly and trips an alarm. The two are forced to escape, a task hindered by Scott's defective equipment. After a chase spanning much of Budapest, Scott and Robinson manage to evade their pursuers by hiding in a sewer.After returning to base, Robinson coaches Scott into winning the heart of Agent Wright (by feeding him lines from the song, Sexual Healing by Marvin Gaye). Scott succeeds but is interrupted by movement on the pen tracking device. He tracks Gundars to a bathhouse, which Scott believes is a dead end. However, Robinson has a hunch that the plane is hidden in the building, leading the two into a fight with Gundars's men. Gundars speeds off in his car, with Wright in hot pursuit. Wright's car explodes, stunning Scott, who blames Robinson for her death.The two engage in a public confrontation that leads to Robinson's arrest. Nonetheless, Scott convinces the BNS that the operation can continue and tracks Gundars down once again. Meanwhile, Robinson clears up his arrest and reaches the arena just in time for his fight, his serious demeanor unnerving his entourage.At the top of a bridge, Scott finds Gundars with terrorists fitting the plane with a nuclear missile. Scott takes the men by surprise and forces them to surrender, before being disarmed by an alive Agent Wright, who reveals she is a double agent. Wright tortures Scott for the Switchblade's activation codes. Scott activates the contact lens gadget, allowing Robinson to see the dilemma as he battles his opponent in the ring. Robinson is taken aback, but quickly recovers, knocks out his opponent, and departs for the bridge. Upon arrival, Robinson sets off a firefight which kills many of the terrorists. A few terrorists are killed by Carlos, providing back-up by parachute.After Carlos lands, Robinson infers that Carlos is also corrupt. When Carlos provokes Kelly, he knocks him out, scattering the terrorists for them to take cover. Other terrorists and Gundars are killed by Rachel. Robinson happens to take out the remaining terrorists. After the bomb on the plane is blown up (but it did not blow up the plane), Robinson appears to tell Rachel to put Carlos' gun down. She tells him that she is with BNS. Wright makes up a lie that the BNS (herself included) suspected that Carlos was corrupt and says that Mac and she pretended to team up with him so that they can finally nail him and uses this to convince the others that she is innocent.The confusion leads to a fight between Scott and Carlos, allowing Wright to escape with Gundars' briefcase, which containing sensitive information and is worth billions. With Robinson in tow, Scott attempts to fly the Switchblade away, but it crashes into the river below seconds after take-off. While in the water, Robinson discovers the nuclear weapon. Scott realizes the mission is a success after all, and Robinson remarks that he will be recognized as a hero.36 hours later, in Monte Carlo, Scott and Robinson track down Agent Wright and place her under arrest, as she remarks that she is glad the two received deserving press coverage. Scott turns up a copy of USA Today and sees a picture of Carlos in a parade with President Bush, receiving credit for the operation. Robinson takes this news hard and refuses to accompany Scott to BNS headquarters for a mission debrief.