Our story begins with Jake Speed witnessing a car theft with his brother-in-law Harry Goodman. He commiserates with his FBI agent brother-in-law about the destitute of criminals. However, Jake is about to be drawn into a smuggling operation by his SCUBA instructor Tony. Jake accepts a challenge to race his prized BMW against the new Porsche of the dive shop owner Carl Black. Carl is a ruthless smuggler and car thief, stepping up to murderer. Carl recruits Jake into his smuggling operation by secretly stealing and then graciously returning Jake's prized vehicle. Jake feels obligated to the man and joins them on a dive vacation in the Caribbean. Carl is a gracious host and introduces Jake to his sister Vernonica. Carl draws our hero deeper into his operation by having Vernonica seduce Jake. Later, Carl tricks Jake into driving the hit vehicle for a ruthless assassination in Belize City.
Vernonica confesses to Jake she is a DEA informant turning evidence on her brother's smuggling operation. Carl blackmails Jake into becoming an accomplice to more crimes upon return to the luxury yacht Caricature. Jake and Vernonica confess their love and plan an escape. Carl has Vernonica killed at sea. Reggie, the yacht's captain, tries to strangulate Jake but Reggie is killed in the fight. Jake flees from Tony, the master diver, who chases him firing a weapon. Jake dives into the water and is presumed dead by Carl and Tony. Jake finds Veronica's life-less body floating in the sea. Carl had set up Jake and Veronica to be the scapegoats for his crimes. Jake vows vengeance against Carl.
Jake ambushes Carl's gang during Caricature's refueling stop but Carl and Tony escape the trap in a shoot out with the surviving Belizean youth and his two bodyguards. The yacht is blown up in the melee from a hastily lit cigarette. Jake chases Carl to Grand Cayman Island where Carl has hidden his profits at a bank. Carl murdered Tony enroute. Jake steals into the bank to eavesdrop on Carl. Jake discovers his brother-in-law Harry is the silent partner in Carl's gang at the bank. Jake ambushes Carl and Harry as they leave the bank. An argument ensues and Carl is killed. Jake and Harry are in a standoff. Jake argues that Harry must turn himself in to make things right again. Family shame is better than death. Harry points out that hypocrisy after witnessing Jake kill Carl. Our story ends with Jake and Harry plotting together to create a coverup that will save them both from their illegal acts. Family secrets survive only if distrust thrives. "Our hands are bloodied but we can wash them clean only together. Afterall, we're family."