Rayburn Swanson (Nikolaj Coster-Waldau) is the owner of the Gwen Swanson Sanctuary. It is named after his daughter, Gwen, who had gone missing five years earlier when Rayburn, an alcoholic, stopped to buy a drink. Rayburn opened the sanctuary as an act of penance, as his daughter had always disapproved of his making money as an animal trapper.
Sheriff Alice Gustafson (Annabelle Wallis) is informed that the body of a young girl, with a mark on her neck, has been found by a lake. Rayburn learns about it and immediately goes to the hospital to see the body, but it is not his daughter. Alice finds a broken arrow in a tree and learns it is of an old and rare type known as an atlatl. The arrow is marked with the initials “MB”. A man in camouflage attacks Rayburn in the woods near his cabin before departing. When Rayburn returns to the cabin, he notices a black truck in the forest and marks it. Later, he sees a girl being hunted by the same man in camouflage.
During the course of the investigation, Alice learns about another missing girl. Elsewhere, Rayburn finds the hunted girl, Molly, and decides to keep her safe in a now-abandoned animal trap overnight. In the morning, he takes Molly to his cabin, but finds that the killer is already there. The killer attacks them, injuring Rayburn and stabbing Molly with an arrow. Alice arrives; seeing that Molly has been stabbed, she suspects that Rayburn is the killer… who is actually standing behind her. Alice misidentifies him as her brother, Brooks; in order to save him, she shoots Rayburn and lets “Brooks” go. Rayburn flees to his friends’ home, and they help him get secretly treated by Dr. Boone.
Rayburn sees the same black truck he had found in the forest and learns that its owner’s neighbor uses it on occasion. He breaks into the neighbor’s home and finds weapons and clothes worn by the man who had attacked him in the woods earlier. He also finds the ‘missing’ posters of all the kidnapped girls, including his daughter.
Alice goes to the doctor’s office to find the autopsy report of the dead girl found beside the lake. But she notices the photo of the doctor with his daughter, who died after being hit by a car; in it, the girl is wearing a necklace with MB initials on it. This confirms to Alice that Boone is the killer. She immediately goes with her team to raid Boone’s home but he’s not there– he has taken Rayburn to the sanctuary and tells him to run so Boone can hunt him. Rayburn overpowers Boone, however; Alice arrives and tells Rayburn to stop, but he does not, and throws Boone to his death into one of the old animal traps.
Later, Gwen’s funeral is conducted. Molly also attends, giving Rayburn closure. The film ends with Rayburn approaching a lake with a bottle of whiskey that serves as his last memory of his daughter.