Bret Maverick (MEL GIBSON) loves gambling, loves winning at poker, and would love even more to be the one to emerge victorious at the All-Rivers Draw Poker Tournament, being held in a few days, and requiring a $25,000 entry fee which he does not yet have.
He heads into a town to call a banker on a debt he owes, which will fund part of the entry fee for him, and meets a small-time con artist named Annabelle Bransford (JODIE FOSTER) at a poker game. Also at the game is Angel (ALFRED MOLINA), an unpleasant man who does not like Maverick at all, especially when he loses money to him. He is also assigned to stop Maverick from getting to that poker game, at the behest of an at-first unseen person, via telegraph.
A few scrapes are nothing for Maverick and he gets out of them ok, and then travels across the desert with Annabelle and Marshal Zane Cooper (JAMES GARNER) towards the poker game, but a distraught group of religious people, Indians, and a noose hanging around a lone tree in the desert get in his way. He's got more to do and more to get through than any poker player usually does. And when he gets to that game, the stakes are equally challenging.