Axel Foley returns to the land of sunshine and palm trees to investigate the near-fatal shooting of police Captain Andrew Bogomil. With the help of Sgt. Taggart and Det. Rosewood, they soon uncover that the shooting is associated with a series of "alphabet" robberies masterminded by a heartless weapons kingpin—and the chase is on.

After Rocky goes the distance with champ Apollo Creed, both try to put the fight behind them and move on. Rocky settles down with Adrian but can't put his life together outside the ring, while Creed seeks a rematch to restore his reputation. Soon enough, the "Master of Disaster" and the "Italian Stallion" are set on a collision course for a climactic battle that is brutal and unforgettable.