In late 1930s Los Angeles, struggling stunt pilot Cliff Secord discovers a jetpack hidden in an old biplane. Secord's mechanic friend, Peevy, helps him understand the innovative device's capabilities. As Secord tests the jetpack, he impresses onlookers and earns the moniker of "The Rocketeer." However, the thrilling discovery quickly attracts unwanted attention. Both the FBI and a group of mobsters led by Eddie Valentine become interested in the mysterious jetpack. The FBI's involvement reveals the jetpack was created by a renowned inventor and stolen by Valentine, who now answers to a charismatic yet sinister actor, Neville Sinclair.

Cliff's personal life becomes entangled with his newfound alter-ego. His girlfriend, aspiring actress Jenny Blake, is inadvertently drawn into the chaos when Sinclair orchestrates a plan to reclaim the jetpack. Sinclair's charm disguises his ulterior motives, putting Jenny in danger. With national stakes escalating, Cliff must balance protecting Jenny, outmaneuvering Sinclair, and maintaining control of the jetpack. As multiple parties converge on the device, tensions boil over, leading to thrilling confrontations and daring escapades. The fate of the jetpack and the safety of those involved hang precariously as the story unfolds.