Living in Miami during the Iraq War, a young massage therapist named David Packouz is struggling to make ends meet. When he reconnects with his childhood friend Efraim Diveroli, who has begun selling arms through his own small business, David is intrigued by the prospect of big money. Efraim explains how even small companies can bid on U.S. military contracts, thanks to a government initiative that aims to diversify suppliers. Desperate for change and seduced by Efraim’s charismatic pitch, David decides to join him, despite his ethical reservations. Together, they exploit a little-known government initiative that allows businesses to bid on U.S. military contracts.

As their company starts winning those contracts, the inexperienced duo quickly find themselves out of their depth. Nicknamed the "War Dogs" because they are seen as bottom feeders who make money off of war without ever stepping on the battlefield, they hustle and bluff their way into a deal. This deal lands them a massive Pentagon contract to arm America’s allies in Afghanistan. They are soon thrown into a shadowy world of international arms dealing, filled with bureaucratic red tape, shady middlemen, and morally grey transactions. As they dive deeper into the volatile arms market, their success begins to attract attention, and they find themselves navigating through increasingly dangerous waters.