Hotshot FBI agent Johnny Utah is assigned to the LA division to help track down a gang who have robbed more than 25 banks in the last three years. Known as the the Ex-Presidents, the gang wear masks of former US presidents during their heists. Johnny's partner, veteran Angelo Pappas, is convinced the robbers are all surfers, and assigns Johnny to infiltrate the local surfing community to see what he can find out. On his first time on a board, Johnny nearly drowns but is saved by the wilful Tyler, who reluctantly agrees to teach him the rudiments of the sport. Later, Johnny is rescued by Bodhi, one of the surfing community's lynchpins, when he is threatened by the Razorhead surfing gang. Convinced he has found the robbers, Johnny and Pappas plan a raid on the Razorheads' leader, but it turns out the gang have been under surveillance for months and couldn't have committed the crimes. Invited to join Bodhi and his friends Roach, Nathanial and Grommet on a surfing outing, Johnny realises he is in the company of the Ex-Presidents and works out where their next hit is going to occur. He and Pappas set up an ambush, but as the four robbers emerge after robbing a bank, Johnny is unable to bring himself to shoot Bodhi. However, Bodhi has seen him and plots the gang's escape, a plan which involves holding Tyler hostage, one last bank raid and then taking Johnny for a spot of freefall sky-diving.