Rangers Gabriel "Gabe" Walker and Jessie Deighan are dispatched to rescue their friend Hal Tucker and his girlfriend, Sarah, after Hal suffered a knee injury and stranded them on a peak in the Colorado Rockies. As they try to rescue Sarah, part of her harness breaks. Although Gabe is initially able to grab her, her gloved hand slips out and she falls to her death. Hal blames Gabe for Sarah's death and Gabe is overcome with guilt, taking an extended leave.
Eight months later, Gabe returns to the ranger station to gather his remaining possessions and persuade Jessie to leave with him. While there, they receive a distress call from a group of stranded climbers. Hal goes to locate the climbers and Jessie is able to persuade Gabe to help out. Hal remains bitter towards Gabe over Sarah's death, at one point threatening to push Gabe off a ledge. When they find the climbers, they discover the distress call was a fake and are taken prisoner by a ruthless gang of international thieves led by psychotic former Military Intelligence operative Eric Qualen and the surviving thieves including brutal Kynette, sadistic Delmar and pilot Kristel. Qualen, along with turncoat U.S. Treasury agent Richard Travers, were able to steal three suitcases full of uncirculated bills valuing over $100 million. Their escape plan backfired when a supposedly dead FBI agent shoots and damages the hydraulics, sending their plane crashing into the mountain, and they now require Gabe and Hal's help to locate the cases with the help of beacon locators.
At gunpoint, Hal and Gabe lead them to the first case, located upwards on a steep rock face. Gabe is tethered and forced to climb up the face to reach the case, but when Qualen plans to have Gabe killed once he's got the case, Hal warns him not to come down before Delmar pulls him back and hold him at gunpoint, Qualen orders Kynette and one of the thieves try to yank him down, prompting Gabe to sever the rope. Qualen orders one of the thieves to open fire on Gabe, causing an avalanche that kills one of their members. When they see the money from the first case fluttering away, Qualen believes Gabe is dead, and orders Hal to lead them onward. Gabe races ahead to find Jessie at an abandoned cabin. They recover old mountaineering gear to reach the second case before Qualen does. By the time Qualen arrives, Gabe and Jessie have emptied the case and left only a single bill with the taunting message "Want to trade?" on it. Qualen orders his men to split up, allowing Gabe to dispatch two more of Qualen's men. Gabe attempts to call for help from Frank, their rescue helicopter pilot, on one of the mercenaries' radios, but Hal alerts him to explosives Qualen has rigged above them on the mountain. Gabe and Jessie escape the falling debris in time. Elsewhere, when Hal sees two friends, Evan and Brett, he warns them away before Qualen orders his men to open fire. Brett is killed while Evan is wounded, though he manages to ski off the mountain and parachute to safety. Night falls on the mountain and both groups take shelter. Frank, having not heard from Gabe or the others, scouts the mountain in the helicopter, spots Evan's parachute, and is able to get him to safety while contacting the authorities.
When morning breaks, Gabe and Jessie beat Qualen to the last case. Meanwhile, the mercenaries flag down Frank in the helicopter, but by the time he realizes it's a trap it is too late and he is fatally shot by Delmar. While hugging Frank's body, Hal discreetly grabs Frank’s knife. As the mercenaries split up to look for the other case, Hal is able to use the knife to wound Delmar, kill him with his own shotgun, and escape. Elsewhere Hal finds Gabe, and together they kill Travers, who is now insane after finding that Gabe managed to get the last case before him. However, at the same time, Qualen takes Jessie hostage when she waves down the helicopter, believing that Frank was flying it. Qualen tells Gabe and Hal over the radio that he is holding Jessie captive on board the helicopter, demanding Gabe and Hal to surrender the money from the third case at a high elevated rendezvous point and threatens to kill her should they refuse to cooperate.
Gabe and Hal agree, and they meet at a cliff side bridge. However, Qualen tries to challenge Gabe into throwing the case into the helicopter, but when he also threatens to kill Jessie again, Gabe orders Qualen to free her at a safe distance away from the cliff. Qualen reluctantly agrees, and uses a winch to lower Jessie to the ground. Once Jessie is safely down, however, Gabe throws the bag of money into the helicopter's rotors, shredding the money. Enraged, Qualen attempts to use the helicopter to kill Gabe, but Gabe has used the winch cable to tether the helicopter to a steel ladder up the cliff face. Hal arrives and helps via shooting the helicopter down. The ladder snaps and leaves Gabe and Qualen atop the wreckage of the helicopter hanging by the cable. Gabe fights Qualen and manages to climb to safety as the wreckage snaps off the cable, sending Qualen to his death. Gabe reunites with Jessie and Hal as they are found by Treasury agents led by Walter Wright in a helicopter. Wright arranges to send a rescue helicopter as Gabe, Hal, and Jessie are seen sitting on top of a mountain peak, reminiscent of Gabe, Hal, and Sarah at the beginning.
Sylvester Stallone as Gabriel "Gabe" Walker,
John Lithgow as Eric Qualen,
Michael Rooker as Harold "Hal" Tucker,
Janine Turner as Jessica "Jessie" Deighan,
Rex Linn as Richard Travers,
Caroline Goodall as Kristel,
Leon Robinson as Kynette,
Craig Fairbrass as Delmar,
Gregory Scott Cummins as Ryan,
Denis Forest as Heldon,
Michelle Joyner as Sarah
Paul Winfield as Walter Wright,
Ralph Waite as Ranger Frank,
Max Perlich as Evan,
Trey Brownell as Brett,
Vyto Ruginis as Matheson,
John Finn as Agent Michaels
Bruce McGill as Treasury Agent
Jeff McCarthy as Pilot
Steve Staunton as Ranger Phil
Wolfgang Güllich as Gabe Walker (stunt double)