Jimmy Monroe (BRUCE WILLIS) and Paul Hodges (TRACY MORGAN) are New York police officers who have partnered for the last nine years. Their latest case puts them on the trail of a ruthless drug kingpin who goes by the name of Poh Boy (GUILLERMO DIAZ). After they get one of his lieutenants to work for them, the ensuing stakeout goes bad, the informant is murdered by Poh Boy's brother, Juan (CORY FERNANDEZ), and Paul and Jimmy are suspended.
This couldn't come at a worse time for Jimmy, whose daughter, Ava (MICHELLE TRACHTENBERG), is getting married soon and wants to have the dream wedding she's always desired. One problem: the bill comes to almost $50,000. Rather than let his wife's rich and snobby ex-husband, Roy (JASON LEE), pay for the whole affair, Jimmy decides to sell a prized baseball card that will net him the cash he needs.
At the sports memorabilia store, though, a thief named Dave (SEANN WILLIAM SCOTT) busts in, tasers Jimmy, and steals the card along with cash from the register. Jimmy eventually tracks the crook down only to discover that Dave has sold it to the very gangster that Jimmy and Paul had been hunting prior to their suspension.
It's up to the two partners to fight the system, two rival cops -- Hunsaker (KEVIN POLLAK) and Mangold (ADAM BRODY) -- and themselves to retrieve the card, catch the bad guy and get their badges back.