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NOTE: This spoiler was submitted by Jeremy
January 2008, Albania - Two masked men pull David Packouz (Miles Teller) out of a trunk and start beating him. One of the men holds a gun to David's face. We hear David's voice saying what kind of gun it is, and he adds that he is an international arms dealer.
We see clips of American soldiers posing with the gear and weapons. David says that while some people see a hero serving his country, he sees thousands of dollars worth of materials. According to David, that's what war is really all about - money. Anyone who says otherwise is in on it and is supposed to keep quiet.
It's 2005 in Miami. David is a massage therapist making $75 an hour, living with his girlfriend Iz (Ana De Armas). On the side, David tries to sell bedsheets to a retirement home, but he learns that "no one gives a shit about old people".
At a funeral, David reunites with an old friend named Efraim Diveroli (Jonah Hill). They hang out after and try to score some weed from neighborhood drug dealers. Efraim gives them $300 for weed, but they pocket the money and ignore Efraim, showing off a gun to make him leave. Efraim walks to his car and pulls out a bigger gun from his trunk, which he starts firing off in the air to scare the dealers away.
David and Efraim discuss Efraim's new line of business - gunrunning. He explains to David how to exploit the war on terrorism for profit. David doesn't want to get involved at first, but when he learns Iz is pregnant, he figures he needs to make more money than he does now. He lies to her and tells her that he and Efraim are selling bedsheets to the U.S. army, which she is okay with.
After learning the ins and outs of arms dealing and checking through government contracts, David and Efraim start up their own business, AEY Inc, after getting funding from Ralph Slutzky (Kevin Pollak). Soon, the guys earn themselves a contract with the United States Department of Defense to deal weapons. However, they hit a snag when they have Berettas shipped to Jordan, unaware of Italian-made guns not being permitted to be shipped.
Efraim interrupts David during a dinner party with Iz and her friends. They have a conversation outside, but Iz overhears their business and learns the truth about what David is doing, leaving her pissed.
David and Efraim travel to Jordan and meet with smugglers that will help them retrieve the guns. They meet a man named Marlboro (Shaun Toub), who drives the guys to their destination. They stop to get gas in Fallujah, where the guys wake up and don't see Marlboro. Efraim finds a dead body inside the station, and sees that Marlboro is siphoning gas. David gets a call from Iz, who appears to forgive David for lying to her, even though the lying does bother her. Moments later, the guys see vans approaching, with men firing guns at them. David and Efraim try to get out of there, despite having an empty tank. Marlboro runs after them and hops onto the truck, filling up the tank as they drive. The guys are saved when a U.S. chopper descends, forcing the mercenaries to stop shooting.
The guys meet with Captain Santos (Patrick St. Esprit) to deliver the guns. He commends them for driving through the Triangle of Death, and the guys receive their payment.
Pretty soon, the guys are making more money and earning more contracts. They start hiring people to work for AEY, and they start doing business with a man named Henry Girard (Bradley Cooper), who is apparently a legend with closing big deals with the army. David and Iz also welcome a baby girl named Ella. However, Efraim becomes increasingly megalomaniacal, even firing one man on the spot just for correcting him on something.
David and Efraim then score "The Afghan Deal", which would allow them to supply the Afghan army with a number of weapons and ammunition. The contract came from China, which is a problem because the U.S. army has an embargo on the Chinese military industry, so Chinese ammunition is banned. Efraim has the ammo and weapons repackaged and shipped off anyway.
The guys have a falling out with their business when David and Efraim sort out their share of the payment. When David calls Efraim out on screwing people over, Efraim has the two men from the opening of the movie kidnap David and assault him. David breaks off his partnership with Efraim, especially after Efraim refuses to pay David and Ralph back for thousands of money owed to both of them. David decides to just go back to being a massage therapist.
David gets a call from a reporter regarding an investigation into the Afghan Deal. He knows he's in trouble. He heads down an elevator and meets Efraim in there. Efraim tries to make it look like he's sorry and that he considers David a friend, but David sees through the facade, which Efraim admits. David punches Efraim in the face. When they get downstairs, they are greeted by a whole team of FBI agents, and the two are arrested.
David's voiceover says that Ralph was in on it with the FBI, but he gets apprehended as well. What did them in, however, was the packaging guy that Efraim never paid, so he ratted them out. Both men were charged with conspiracy and fraud. Efraim was sentenced to four years in prison, while David served seven months house arrest, allowing him to stay with Iz and Ella.
The last scene has David meeting with Henry. He starts asking a bunch of questions regarding their deals, until Henry pulls out a case full of money, which he offers to David on the promise of "no more questions."
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David Packouz and Efraim Diveroli score deals with the military to sell guns with government contracts. Their partnership dissolves due to Efraim's shady business deals, but they are both done in by a packaging guy that Efraim never paid. David got 7 months house arrest and Efraim got 4 years in prison.
In the end, David earns a nice cut of money from Henry Girard to keep quiet about their business together.