Detroit police detective Axel Foley finds himself once again out of his element when an investigation leads him back to Beverly Hills. This time, the trail follows the murder of his boss, Inspector Todd, who is killed in a carjacking gone terribly wrong. Foley discovers that the crime is connected to a sprawling counterfeit money operation, masterminded by a theme park called Wonder World. Determined to bring his boss's killers to justice and take down the counterfeit ring, Foley reunites with his old friends from the Beverly Hills Police Department, detective Billy Rosewood and Sergeant John Taggart.

As Foley delves deeper into the investigation, he goes undercover at Wonder World, navigating the complexities of the theme park's operations and its colorful employees. His unconventional methods and brash demeanor put him at odds with the local authorities once again, but his persistence uncovers a much larger conspiracy than initially thought. The investigation becomes increasingly personal for Foley as he battles against the clock to prevent further crimes linked to the counterfeit operation, all while facing the challenges of working outside his jurisdiction.