After years of covering one war after another, journalist Simon Hunt (Richard Gere) loses his composure during a live broadcast covering the Bosnian War. While his career spirals downhill, that of his long-time camera man Duck (Terrence Howard) goes in the opposite direction. Duck gets a cushy job at the network, while Hunt is left following war after war, unemployed, in an attempt to get back on top.
Years later, Duck returns to Bosnia to shoot a "puff piece" of the network anchor Franklin Harris (James Brolin) covering a peace treaty, along with fresh young journalist (and son of the network vice-president) Benjamin (Jesse Eisenberg). Duck runs into Simon - by this point a desperate, cynical freelancer who needs a story big enough to propel him back to the realm of credibility. He tells Duck that, through a source, he has located Dragoslav Bogdanovic - known as "The Fox", who is a wanted war criminal with a US$5 million bounty on his head: he is assumed to be in the village of Elebii in Republika Srpska (Serbian entity in Bosnia), near the border with Montenegro.
Convinced by Simon, Duck comes along to shoot the interview, with Benjamin in tow. On the way, Simon confesses his plan to capture the Fox - something Duck and Benjamin consider insane even to think about. Along the way, the group is mistaken for a CIA hit squad by several groups, including the United Nations police force and the Serbians themselves; at one point, at the initiative of Benjamin, they claim to be CIA agents themselves, using a threat to avoid paying a fee for a tip. Simon, Duck, and Benjamin are then captured by the Fox's guards and taken to a barn to be executed. At the last moment, a team of CIA assassins storms the barn and frees the journalists, but Fox escapes. It quickly becomes evident to the journalists that, even in the international community, there are people who do not wish the Fox to be captured. The CIA orders the journalists to board an airplane bound for the US, but they run away to carry out their plan to catch the Fox. They capture him while he is hunting in the woods without his guards. The journalists then release him, with his hands securely bound, in a village filled with the surviving family members of victims of his war crimes.