During the Vietnam War, a squad of Black US Army soldiers of the 1st Infantry Division, Paul, Otis, Eddie, Melvin and their squad leader Norman, who dub themselves the “Bloods,” secure the site of a CIA airplane crash and recover its cargo, a locker of gold bars intended as payment for the Lahu people for their help in fighting the Viet Cong. The Bloods decide to take the gold for themselves and bury it so they can retrieve it later. However, in the ensuing Vietnamese counter-attack, Norman is killed and the Bloods cannot locate the buried gold after a napalm strike obliterates all of the identifying landmarks.
In the present day, Paul, Otis, Eddie and Melvin meet up in Ho Chi Minh City. A recent landslide had uncovered the tail of the crashed plane, and with this new information they plan to find the gold and Norman’s body. Otis reunites with his old Vietnamese girlfriend Tiên, who reveals that he is the father of her grown child. Tiên introduces the Bloods to Desroche, a French businessman who agrees to help the Bloods smuggle the gold out of Vietnam once they retrieve it. Soon thereafter, Paul’s son David joins the mission.
Vinh, a tour guide hired by the Bloods, leads the group out into the countryside, where a confrontation with a local merchant forces Paul to admit that he has post-traumatic stress disorder. At a hotel bar, David meets Hedy, the founder of LAMB, an organization dedicated to clearing landmines. The next day, Vinh drops off the group and tells them he will pick them up in a few days. During their first night, Paul confiscates a pistol Otis had been secretly given by Tiên and becomes suspicious of his motives. Eventually, the Bloods find the gold bars scattered across the side of a hill. They also find Norman’s remains and pray over them. Eddie reveals that his excessive spending has rendered him broke, but reminds the Bloods of Norman’s original plan to give the gold to their black brethren in the United States.
On the hike out, Eddie steps on a landmine and is killed. In the chaos, David also steps on a mine but does not trigger it, just as Hedy and two other volunteers from LAMB, Simon and Seppo, show up. Paul and the others manage to pull David off the landmine safely. Paul then holds the three outsiders hostage with Otis’s gun, paranoid that they will report them to the authorities. During the night Seppo escapes while David and the others forcibly take the gun from Paul.
When the Bloods meet Vinh at the agreed rendezvous spot, a group of gunmen show up demanding the gold in exchange for Seppo, whom they have captured. A shootout results in David being shot in the leg and Seppo being killed by a landmine while trying to escape. All of the gunmen are killed by the Bloods, except for one, who flees. Assuming that Desroche has crossed them, Vinh suggests retreating to a nearby abandoned temple to defend themselves from reinforcements. Unwilling to trust Vinh, Paul takes his share of the gold and heads out into the jungle alone. The remaining Bloods offer Vinh, Hedy and Simon a share of the remaining gold for their trouble.
As he rages to himself, Paul has a vision of Norman who reminds him that he was the one who had killed him, having shot him by accident during the firefight, and that he should let go of his guilt. Desroche’s men find Paul and kill him. At the temple, Desroche and the gunmen arrive. After confronting the Frenchman, now wearing Paul’s MAGA hat, Otis, Melvin and Vinh start shooting, killing all of Desroche’s men. Desroche wounds Otis and tries to finish him off with a hand grenade, but Melvin sacrifices himself by leaping on top of it. Desroche prepares to execute Otis, but David shoots and kills him with Otis’s gun.
Vinh helps the surviving Bloods share out the gold. Melvin’s widow receives his share, and Eddie’s goes to a Black Lives Matter organization. Hedy and Simon donate their shares to LAMB in Seppo’s name. Norman’s remains are brought home to his family by the military. David reads a letter from Paul, who tells him that he will always love him. Otis visits Tiên and bonds with his daughter for the first time.