In the 1940s, con men Fargo Gondorff and Jake Hooker team up to pull off a major swindle against a powerful mob boss named Macalinski. Gondorff, an experienced and somewhat over-the-hill grifter, and Hooker, a talented but headstrong hustler, devise an elaborate scheme involving horse racing bets. They plan to take down Macalinski after he ruthlessly targets their mutual friend Kid Colors. With the help of their old-time associate Veronica, who poses as a rich widow, the trio sets the stage for a high-stakes con involving fake bookies and race results.

As they execute their intricate plan, they must navigate a series of unexpected challenges including betrayal, close calls with the law, and Macalinski's fierce retaliations. The con artists deploy quick thinking and expert deception to stay ahead of Macalinski's henchmen and the authorities. Each character's wit and resourcefulness are pushed to the limit as they pursue revenge and fortune. However, the complexity of the sting leaves them vulnerable to mistakes and double-crosses, making every step towards their goal increasingly perilous.