After his family moved from the Ukraine to Brighton Beach and assumed a Jewish identity, Yuri Orlov (NICOLAS CAGE) was looking for an occupation that suited his personality. After witnessing an attempted gangland hit, he thinks he's found it in becoming an arms dealer, a job with seemingly endless clients around the world. Enlisting the aid of his younger brother Vitali (JARED LETO), Yuri quickly climbs through the ranks of such a vocation, hoping one day to be as big as legendary arms dealer Simeon Weisz (SIR IAN HOLM).
At his every turn, however, he must deal with Interpol agent Jack Valentine (ETHAN HAWKE) who's determined to catch Yuri in the act, but the wily arms dealer is always one step ahead of him. He's so good that he even has time to sweep model turned aspiring actress Ava Fontaine (BRIDGET MOYNAHAN) off her feet and start a family with him.
And with the end of the Cold War, Yuri realizes he can tap into a seemingly endless supply of now decommissioned Soviet munitions. With the aid of corrupt former Soviet officer Dmitri (EUGENE LAZAREV), Yuri suddenly becomes one of the biggest players in the game, arming the likes of Liberian dictator Andre Baptiste Senior (EAMONN WALKER) and his equally volatile adult son Andre Baptiste Junior (SAMMI ROTIBI).
With the money rolling in and brushing off any potential guilt regarding what the Baptistes and others do with his goods, Yuri's on top of the world. Yet, unexpected developments involving Vitali, Ava and especially Valentine soon threaten to undermine his livelihood and lifestyle.