During a shootout against Chinese Triads at a dock warehouse, FBI agents John Crawford (Jason Statham) and Tom Lone (Terry Chen) stumble across the notorious assassin Rogue (Jet Li). Rogue, a former CIA assassin who now works for the Japanese Yakuza, ambushes Crawford and is about to execute him, when Lone appears ands shoots Rogue in the face, causing him to fall into the water and disappear. The next day, Rogue gets his revenge by going to Lone's house, where he shoots Lone in the face, kills Lone's wife and his child in front of him, then kills Lone and burns the house to the ground. Crawford vows revenge on Rogue for the death of his partner.

Three years later, Rogue resurfaces, apparently in the employ of Chinese Triad boss Chang (John Lone). Rogue is assisting Chang against Chang's arch-enemy and Rogue's former employer; the leader of the Japanese Yakuza, Shiro (Ryo Ishibashi). Rogue's task is to recover a pair of antique gold horses, family heirlooms of Chang that were stolen by Shiro many years ago. However, Rogue is secretly setting the Yakuza and the Triads against each other, in order to push the two sides towards all-out war.