Eight men eat breakfast at a Los Angeles diner. Except for leader Joe Cabot and his son Nice Guy Eddie, all of the other men use aliases: Mr. Brown, White, Blonde, Blue, Orange, and Pink. After discussing the Madonna song "Like a Virgin" and arguing over Pink's habit of not tipping, the group leaves the diner to execute a diamond heist.
After the heist, White flees with Orange, who was shot in the stomach by an armed woman while hijacking her car, and is bleeding severely. At one of Joe's warehouses, White and Orange rendezvous with Pink, who believes that the job was a setup, and that the police were waiting for them. White informs him that Brown is dead, Blue and Blonde are missing, and Blonde murdered several civilians during the heist; White is furious that Joe, his old friend, would employ a "psychopath" like Blonde. Having hidden the diamonds nearby, Pink argues with White over getting medical attention for Orange, and the pair end up arguing and draw guns at each other. They yield when Blonde arrives with a kidnapped policeman named Marvin Nash.
Sometime earlier, Blonde meets with the Cabots, having completed a four-year jail sentence. To reward him for concealing Joe's name from the authorities, they offer him a no-show job. Blonde insists on returning to "real work", and they include him in the heist.
In the present, White and Pink beat Nash for information. Eddie arrives and orders them to retrieve the stashed diamonds and ditch the getaway vehicles, leaving Blonde to handle Nash and Orange. Whilst dancing to Stealers Wheel's "Stuck in the Middle with You", Blonde tortures Nash, slashing his face and cutting off his right ear with a straight razor. Blonde then retrieves a gasoline can from his car and douses Nash with gasoline, but before he can ignite it and set Nash ablaze, Orange suddenly awakens and shoots Blonde to death, afterwards assuring Nash that he is an undercover police officer and the police will arrive shortly.
Earlier, Orange fabricates an elaborate tale of drug delivery to gain acceptance into the gang. Shortly thereafter, White befriends Orange.
Back in the present, Eddie, Pink, and White return to the warehouse where Orange tries to convince them that Blonde planned to kill them all and steal the diamonds for himself. Eddie impulsively kills Nash and accuses Orange of lying, as Blonde was a longtime friend of his father. Joe then arrives and announces the police have killed Blue. Before Joe can execute Orange, whom he suspects is the traitor, White intervenes and holds him at gunpoint, insisting that he doubts Orange is responsible. Eddie promptly aims at White, creating a Mexican standoff. All three fire; both Joe and Eddie are killed, and White and Orange are hit.
Pink, the only uninjured person, takes the diamonds and flees. As White cradles the dying Orange in his arms, Orange confesses that he is an undercover officer. White, upset at the betrayal, reluctantly presses his gun to Orange's head. In the background, Pink is heard attempting to escape as the police storm the warehouse and order White to drop his gun. White shoots Orange and collapses as gunfire erupts.
Harvey Keitel as Mr. White/Larry Dimmick
Tim Roth as Mr. Orange/Freddy Newandyke
Michael Madsen as Mr. Blonde/"Toothpick" Vic Vega.
Chris Penn as Nice Guy Eddie
Steve Buscemi as Mr. Pink
Lawrence Tierney as Joe Cabot
Randy Brooks as Holdaway
Kirk Baltz as Marvin Nash
Edward Bunker as Mr. Blue
Quentin Tarantino as Mr. Brown
David Steen as Sheriff #2
Steven Wright as K-Billy DJ (voice)
Nina Siemaszko played police officer Jody McClusky. Her scenes were deleted from the theatrical release.