Lawrence Jamieson is a suave and sophisticated con artist living in the French Riviera, preying on wealthy women by posing as a displaced and deposed prince. His refined and successful schemes have made him a rich man, but his comfortable life is threatened when he encounters Freddy Benson, a small-time American hustler with cruder methods. Freddy brags about his success in conning women out of their money through pitiful stories. Lawrence, viewing Freddy as a threat to his territory, tries to get rid of him but eventually sees potential in taking him on as an apprentice.

The two form an uneasy partnership with Lawrence teaching Freddy the finer points of high-stakes scams. Trouble brews as their clashing styles and egos lead to conflict. They decide to settle their rivalry with a bet: the first to swindle $50,000 from a naïve heiress wins, and the loser must leave town. Both men use various guises and tricks to win the contest, escalating into an elaborate game of deception that tests their skills and patience. As they compete, the stakes grow higher, leading them into increasingly comedic and intricate situations.