Drug dealer Mel Bracken has one of his pushers meet him at his apartment to brief him on sales, explaining that he plans to triple his volume by expanding out into the suburbs. Mel's girlfriend, who is high from Mel's stash, calls him up to the bedroom. Angry at being interrupted, Mel tells his thug Freddy to dump her. Freddy dumps her in the middle of a cheap neighborhood and drives away, and the girl staggers into a club. She dances uncontrollably for a few minutes but then dies from an overdose while the other dancers ignore her.
Jim goes to an outdoor auditorium to get his briefing. Mel is the biggest drug distributor in the U.S., but gets his supplies from Diego Maximillian in Mexico. Diego in turns gets his drugs from C.W. Cameron, a Midwestern drug manufacturer who is allowed to sell his drugs legally outside of the U.S. Once Diego buys the legal drugs, he sells them to Mel for use in the U.S. Jim's orders are to destroy the drug chain and put all three men out of business.
At the briefing, Barney shows the team fake pills that he's created with tracking beacons inside of them. As Jim explains, Cameron is doing nothing illegal as long as he goes through Diego, so they have to connect him directly to Mel. Dana has studied up on Lucy Dawson, a 50s movie actress who was briefly involved with Diego, and she and Paris are booked into Diego's favorite restaurant. The owner, Tito, has been led to believe that Dana is Cindy, Lucy's daughter. Cameron and his wife are going to a manufacturing convention in Los Angeles and stopping off in Mexico to see Diego and will be at Tito's restaurant. Jim warns Dana that Cameron is a faithfully married husband and will be hard to get to. As they finish the briefing, Jim receives a call informing him that a new shipment of drugs is heading from the Midwest to Mexico.
Barney hits the road and has a driver pull up behind the truck with the drugs. He climbs out of a compartment in the front and sneaks onto the truck, and then gets in through the roof hatch and puts the tracking pills in with the real drugs.
In Mexico, Paris and Dana are performing at Tito's restaurant when Diego arrives. He notices Dana and finds her familiar, and Tito confirms that she's Lucy's daughter. Once the agents are done with their set, Diego invites Dana over and gets her attention when he reminds her that he used to be her "Uncle Diego" when she was a child. Dana accepts the invitation and Paris reluctantly goes with her.
Barney leaps clear of the truck as it slows down near a waiting IMF truck. He then follows the truck, using the tracking signal to avoid getting to close. Once he has it in sight, he calls Jim outside of Mel's office, and Jim signals Willy outside. A mob representative is arriving from Denver and Willy gets him away by claiming that Mel has changed the meeting location. Once the mobster is out of the way, Jim goes into the office building.
When Cameron and his wife Bunny arrive, Diego introduces them to Dana and Paris. He then leaves to take a call from Mel, who says that the Denver mob wants to double their order. Diego agrees and tells him that the new shipment will be there the next day. Mel hangs up and then asks the mobster--Jim--for the $100,000 up-front payment. Jim agrees, promising that the rest will be available on delivery, but then punches Freddy and rips open a cabinet. Inside is a tape player recording their entire conversation. Jim warns Mel that they don't do business like that in Denver and leaves.
While Barney continues following the truck, Dana and Paris perform another set at the restaurant. A clearly unhappy Bunny watches hr husband, who is enthusiastically watching Dana. Once they're done and Bunny goes to the ladies room, Dana invites Cameron outside and starts flirting with him. She convinces him to dance with her and talks about how much he turns her on. Meanwhile, Paris approaches Diego and suggests that he use his contact in the LA music industry, Mel, to get them set up. He offers to set Diego up with Dana and the drug lord agrees, inviting them to fly with him to LA in the morning.
Dana is still hitting on Cameron and asks if he ever goes to LA. When he says that he's going there for a convention, she says that she wants to see him again. Cameron remains loyal to his wife but Dana give him her hotel phone number in case he changes his mind. Bunny comes in and realizes that Dana is flirting, and irritably gets her husband out. Once the couple leave, Paris checks with Dana, who appears to be having second thoughts about seducing Cameron.
Cameron meets with Diego at his table, and the smuggler gives the manufacturer his share of Mel's payment. The older man is worried about how much it costs to maintain a good public image and Diego jokes about how at least Cameron doesn't have to worry about the police.
Diego's truck arrive in his distribution warehouse in Mexico.
In LA, Diego introduces Dana and Paris to Mel and gets his partner to give them a recording audition. Mel agrees and has Freddy usher the agents out, while Paris tips Diego a wink.
Barney watches the distribution warehouse and finally picks up the tracking signal from the fake pills as a new truck leaves with them.
Mel pays Diego from the money that Jim gave him and they discuss how Cameron is the one that has problems with their criminal activities.
Barney follows the new truck to a gas station and breaks in while the driver goes inside. The IMF agent finds the repackaged drugs in cans of cocktail peanuts and radios a description of them to Jim and Dana. However, the driver comes back, notices the door is open, and catches Barney off-guard. He sees the radio and realizes it's more than a petty break-in, but Barney gets the drop on him and knocks him out. The radio is destroyed in the struggle.
Cameron checks into his hotel. Once his wife leaves to go shopping, he considers Dana's phone number and then throws it away.
Barney calls Jim from a pay phone and tells him that he had to knock out the driver, and then suggests a new approach. Jim agrees and Barney says that he'll see him that night.
Cameron changes his mind and calls Dana. He tells her that Bunny has gone on to San Francisco because she's bored with the convention and invites Dana to dinner.
Willy meets Barney with the IMF's own manufacturer cans of peanuts. They open up the truck and start removing Diego's cans.
After dinner, Cameron and a tipsy Dana go back to the manufacturer's hotel room. She takes some pills, washes them down with alcohol, and tries to kiss Cameron. Then Dana starts dancing, taking more pills and washing them down with booze. Dana finally collapses just as Paris knocks at the door. Cameron lets him in and Paris confirms that she's dead. As he mourns her death, Cameron panics and offers to pay Paris $5,000 to get rid of the body rather than call the police. Paris is disgusted at the offer but finally gives in and agrees to help Cameron out.
Jim and Willy park outside of Mel's warehouse and get word that Diego and the truck driver have been picked up on drug smuggling charges. Barney drives in and meets with Mel and Freddy, claiming the regular drive is sick. Jim and his bodyguard, Willy, then come in to get their drugs. They find the cans filled with peanuts and Freddy figures that Barney made the switch. Jim tells Willy to handle it and the strongman escorts Barney out. Jim then demands his $100,000 and Mel says that he'll have to get it from Diego. They've lost contact with him and don't know he's been arrested, and figure that Dana will know where he is. Mel sends Freddy to get her, and Jim warns the drug dealer he has six hours to get his money back.
Mel goes to his office to place some calls to locate Diego, and Freddy brings back Paris. The thug explains that he found Paris in Dana's hotel room, and Paris tells Mel what happened. Freddy then brings Cameron in and Mel demands the pills directly from him so he can get them to Jim. Cameron warns that if he does so it will connect them both and put them out of business, but Mel insists and threatens to blackmail his partner with Dana's death. The CEO reluctantly calls to have the new drug shipment sent by air freight in unmarked boxes.
Four hours later, the new shipment arrives and Mel sets up another meeting with Jim and Willy. As they collect the drugs from Mel, Freddy, and Cameron, Barney hides in the rafters and takes photos. Mel gets the rest of the payment from Jim and tries to give Cameron half, and the disgusted CEO throws it on the ground. When Freddy picks up the money, he spots Barney and goes for his gun. Willy shoots him while Jim shoots Mel in the shoulder. Cameron fervently denies being involved but Mel tells him that the whole thing was a set-up. The police arrive and take the crooks into custody. As he's brought out, Cameron sees Dana in the IMF car and asks if she's really Cindy Dawson. Dana looks at him with contempt and says that there was a Cindy Dawson, but she died a year ago from an overdose of drugs supplied by Mel and Cameron.