During a shootout against Chinese Triads at a San Francisco dock warehouse, FBI agents John Crawford (Jason Statham) and Tom Lone (Terry Chen) stumble across the notorious assassin Rogue (Jet Li), a former CIA assassin who now works for the Japanese Yakuza. Rogue ambushes Crawford and is about to execute him when Lone appears and shoots Rogue in the face, causing him to fall into the water. Rogue’s body was never found and he is presumed dead. However, Rogue survives and retaliates against Lone, his wife and his daughter. He kills them, burns down the house, and leaves their three corpses in the ashes of their home.
Three years later, Rogue re-appears, working under Chinese Triad boss Li Chang (John Lone). Rogue is assisting Chang against Chang’s arch-enemy and Rogue’s former employer, the leader of the Japanese Yakuza, Shiro Yanagawa (Ryo Ishibashi). Rogue first attacks a club run by the Yakuza by killing the gangsters and later on the runners in order to recover a pair of antique gold horses, family heirlooms of Chang. However, Rogue is secretly setting the Yakuza and the Triads against each other, in order to push the two factions toward all-out war.
Now the head agent of the FBI’s Asian Crime Task Force, Crawford is determined to hunt Rogue down and exact revenge for Lone’s death. Crawford’s obsessive pursuit of Rogue has taken a toll on his personal life causing him to be estranged from his family. Crawford comes close to catching Rogue in the wake of Rogue’s various killing sprees against the Triads and Yakuza, but Rogue always manages to stay one step ahead.
Ultimately, Rogue’s actions have gained the trust of both Chang and Yanagawa. Rogue succeeds in betraying Chang, but spares Chang’s wife and child, turning on the Yakuza. With Chang dead, Yanagawa is finally ready to come to America, where he intends to take over and expand Yakuza business operations. However, he is confronted by Crawford and the FBI; Crawford presents Yanagawa with proof that Rogue has betrayed him and spared Chang’s family, but Yanagawa refuses to assist Crawford in locating Rogue.