A young couple in love—Watty Watts (Gil Bellows) and Starlene (Renée Zellweger)—are planning a successful convenience store robbery. The next day, they are paid a visit by two collectors for a local mobster whom Watty has borrowed money from to buy an engagement ring for Starlene. They are called Creepy Cody and Dinosaur Bob, and they inform Watty that he must get the money very soon. This is followed by a visit by Watts' drug-addicted former prison buddy, Billy Mack Black (Rory Cochrane), who has a plan for a big score. Against the wishes of Starlene, Watty goes along with the plot and the robbery fails, leading to the stoned clerk being shot and killed by Billy, though they do clear the safe of the money.
Following the murder Billy pulls his gun on Watty and forces him to go to a restaurant to eat breakfast, where Billy again pulls his gun on Watty. Fearing for his life, Watty attacks Billy with a fork and escapes. He then returns to his trailer and Starlene, asks her to marry him and tells her they have to flee to Mexico. They are then paid a visit by two police officers, who try to kill them as revenge for the murder and robbery. Starlene manages to shoot one of the officers, who accidentally shoots the other one, and the couple escape.
They then make their way toward Mexico pursued by Billy Mack, Bob and Creepy and the police. The two are romanticized in the crime obsessed media and become celebrities. On the way they stop in to see Starlene's parents, (Peter Fonda and Ann Wedgeworth), who are later found by Billy, Bob and Creepy, leading to a violent showdown in which all are killed except Billy.
Billy catches up with Watty and Starlene and the three of them cross into Mexico together. There the three engage in a showdown in which Starlene eventually kills Billy by injecting him with an overdose of high-powered speed.
The two lovers take some liquid LSD given to them by Starlene's father and drive off into the sunset to start a new life.