Nathan Muir (ROBERT REDFORD) is a veteran CIA officer who's on his last day on the job. When he gets a call from Hong Kong indicating that a former protégé of his, Tom Bishop (BRAD PITT), is now being held in a Chinese prison set to be executed for espionage, he knows his day will entail a bit more than packing up his belongings with his faithful assistant, Gladys Jennip (MARIANNE JEAN-BAPTISTE).
Asked to pull records on Bishop by one of his associates, Charles Harker (STEPHEN DILLANE), Nathan acts dumb about what's transpired to see what the agency knows and is planning. It seems that they've had some sort of covert operation going on there and plan to sacrifice Tom so that trade negotiations between the U.S. and China aren't stymied.
Accordingly, while Nathan recounts his experience recruiting, training and then working with Tom from the time they met in Vietnam through West Germany and then Beirut where the young spy became involved with Elizabeth Hadley (CATHERINE McCORMACK), a British foreign aid worker with a shady background, he tries to figure out how to arrange for Tom's rescue all while staying at least one step ahead of Barker and their boss, Troy Folger (LARRY BRYGGMAN).