NOTE: This spoiler was sent in by Emilia.
The movie starts off in Nassau, with two women and a man frolicking in the ocean. Later in a hotel a man is secretly photographing them in a compromising position (important later).
A year later in London, Terry (Jason Statham) is bullied by the thugs of a loan shark who vandalize some of his cars and pressure him to pay what he owes soon. As they leave, Martine (Saffron Burrows) pulls up and asks Terry to meet her for a drink later.
At a bar that evening, she tells him of an opportunity they have to rob a bank safely. He's suspicious about the job because it sounds too easy. She lies that her boyfriend owns a security office and disclosed info about the bank not being alarmed for a week. He agrees to discuss it with his friends and let her know.
He leaves to go to a bachelor party for Eddie, who works for him. Martine then walks to a man named Tim, who works for MI5, British Intelligence. She tells Tim that she thinks Terry will say yes, and he reminds her that if she can't get him to do it, their deal is off. (Flashback reveals that she was busted for smuggling drugs into the UK from Morocco.) Unknown to both of them, Terry sees them together, and then heads off to his party.
He fills in his friends Dave and Kevin about the job; this would be the most serious job any of them would have committed. They too are suspicious, but willing to go along with it. They table the topic when two officers enter the strip club. The two cops walk into the office of Lew Vogels, a local pornographer and mobster, where they demand an increase in their pay. He obliges and after they leave records it in his ledger. (Important later) He then places a call to Sonia Bern, who runs the local brothel, and urges her to charge the police officers less. Once she gets off the phone, she makes the rounds and checks on her regulars. One of the customers then goes into another room where he's taking part in some S&M stuff with one of the escorts. Behind a two-sided mirror, a gentleman is taking pictures of the entire thing, while Sonia supervises.
The man photographing in Nassau is reveal to be Michael X, a black militant leader, similar to Malcolm X but much more aggressive. He is currently under investigation for harassing a slumlord, but using the pictures as blackmail.
The next day Terry is enjoying Eddie's wedding reception when Martine comes up to ask him about the job. He tells her that they agreed. Their conversation is shortened when they notice Terry's wife coming by with his daughters. Martine tells his wife she's jealous of her beautiful family and goes to dance with Kevin. Terry's wife clearly doesn't like Martine, and makes her opinions known to Terry.
The next day Martine and Terry go to case the bank. They enter the safety deposit vault and pass Lew Vogel on the way in. While passing Dave greets Lew, and tries to remind him that he acted in one of Lew's porn films (important later). Lew brushes him off, and drives away.
Later they look though the photos and decide to rent an empty store two lots away from the bank, and dig a tunnel under them to get to the vault. They enlist a man named Bambas to dig and a con man named Guy Singer to appear as the owner of the store. The gather all the things necessary and begin digging over the next few days. Martine meets up with Tim from time to time to let him know of their progress.
As they do this, MI5 puts one of their agents in with Michael X. She's a friend of Tim's named Gale, who begins a relationship with Michael's best friend Hakim, who invites her to go with them to Trinidad.
After a police officer nearly catches them one night, they enlist Eddie to be their lookout, communicating with him via walkie-talkie. While digging Terry notices something odd, and suddenly falls into what turns out to be a tunnel that leads them directly under the bank. As they’ve been transmitting through the walkies, a radio operator picks up on their conversation and calls the police.
They break through the concrete quickly. Once inside the vault, Terry suggests that they take a small break, nap, and come back in a few hours. While everyone’s asleep, Martine heads into the vault and to box number 118, Michael's box. Terry catches her, so she seduces him.
Once everyone is up and inside the vault, there is a frenzy of breaking open the safety deposit boxes. Martine, of course, opens Michael's box, and discovers the photos, which are revealed to be of Princess Margaret. As this is happening, the police arrive and Eddie warns them that they are entering the bank. They remain quiet and hear the police outside the vault, but are relieved to learn that the vault is on a time lock and cannot be opened until the next day. Once the police leave, they pack up everything and leave.
The MI5 agents then tail the van that the group was using, and are shocked to find it empty and the driver, who claims he was paid $50 to drive it to the airport. The group then gets into another van, and drives to an abandoned warehouse, where they divide up all the money. Terry grabs the photos, and makes Martine come clean with the group. She reveals that she’s basically set them up on behalf of MI5, but assures them that they will be able to keep whatever they stole. Bambas and Guy Singer leave first while the other four discuss what they’re going to do. Dave decides that he’s going to visit his mom and leave the country. Terry, Martine, and Kevin decide to make a deal with MI5.
Once the bank opens the next day, it’s discovered that it was robbed. The police close off the bank, while the patrons are anxiously waiting to see what was taken. Lew Vogel calls Michael X and informs him of the incident and promises to find out who did this and get all the information back. Lew recalls seeing Dave outside the back and has the corrupt officers pick him up outside of his mom’s house.
Martine calls Tim and has him meet her at the train station. Terry shows up with some photos that Sonia Bern had in her box, of politicians in compromising positions with her escorts. He asks for passports and immunity and requests that a high-ranking official be there to hand them over.
MI5 takes over the bank robbery investigation. The lead detective on the case Roy Given decides to continue his investigation anyway and use the taped conversation between Eddie and the robbers to play over the radio, in the hopes that someone would recognize the voices. Terry's daughters and wife immediately identify his voice, and once he calls, his wife lets him have it. Dave, in the meantime, is being tortured by Lew Vogel's cops. They get him to name everyone, and proceed to visit all their homes and businesses. Once they stop by Terry's shop, they take Eddie and give Eddie's wife a phone number, which she passes on to Terry. Bambas is strangled in his car, and Guy Singer is stabbed in the back.
In Trinidad, Michael is beginning to realize the Gale is not what she appears to be. When he nearly catches her rifling through his things, his suspicions are confirmed and kills her shortly after.
Terry calls Lew, who demands the photos and his ledger in exchange for Dave and Eddie. When Terry hesitates, Lew has one of the policemen kill Dave and have Eddie relay that to Terry, who agrees to the exchange. Terry then visits his wife, where he confesses to the robbery and his frolic with Martine. He also assures her that he's squared away his other debts and leaves his half of the money for her to leave the UK with their daughters. He apologizes and asks for her forgiveness before leaving.
In a hotel, Kevin, Terry and Martine come up with a plan for the next day. They call MI5 and Lew and ask them to meet at the train station at 11am. On their way there, Kevin gets off a few stops earlier and wishes them luck. Martine and Terry make their way to the station. MI5 and the official arrive first and they make their exchange. Shortly after, Lew arrives with Eddie and the corrupt officers. They see MI5 agents and run. Terry chases after them and catches up to them, where a fight ensues. Kevin arrives with Det. Given. They are placed under arrest. Terry hands over Lew's ledger, so Lew and the police officers are arrested. MI5 informs Givens of the bargain with Terry and the others, who are set free.
At Dave's funeral, Terry gives ownership of his shop to Eddie and his wife. He makes it clear to Martine that he loves his wife and is staying with his family, so she leaves.
In Trinidad, Tim arrives with Trinidadian police and they arrest Michael. They also discover Gale's body in a shallow grave, and burn down Michael's house.
As the credits roll it is revealed that Michael was hanged for Gale's murder; his friend Hakim was killed in New York; the identities of Bambas' and Guy Singer's murderers was never revealed; and no arrest was ever made regarding the robbery.