A New York reporter heads to Australia to interview the living legend Mike Dundee (Paul Hogan). When she finally locates him, she is so taken with him that she brings him back with her to New York. In New York, Mike Dundee is amazed by the wonders of the city and the interesting people there.
Former policeman Lenny Nero (Ralph Fiennes) has moved into a more lucrative trade: the illegal sale of virtual reality-like recordings that allow users to experience the emotions and past experiences of others. While the bootlegs typically contain tawdry incidents, Nero is shocked when he receives one showing a murder. He enlists a friend, bodyguard Mace (Angela Bassett), to help find the killer and the two soon stumble upon a vast conspiracy involving the police force Nero once worked for.