黄沙之地，抗倭志士追马流落至此，开一客栈聊度余生。仇人之女白鹿携宝箱逃命至此，新仇旧恨，天赐良机，本可除之后快，然面对箱中所托抗倭机密，为民族大义，追马放弃仇恨，忍受误解，以命相护，终圆未竟报国之梦。

故事发生在明朝未年。杨独行（杨鸣健 饰）武功盖世，却从不过问江湖恩怨。一日，白莲教大师兄之弟李天仇（周国宾 饰）因故在自家沾毒酒丧命，视名声为天大的杨独行誓言找出投毒的真凶。他找到白莲教二师兄刘黑虎（赵小锐 饰）质问，刘辩称有人从中挑唆，待查清原委再说。当日深夜，贼人行剌杨独行未果。次日清早，四海镖局王大海（邢伟勇 饰）之子王少东（姜光成 饰）前来送所押银两，从刘黑虎口中得知，河涧大侠郭子玉（周文伟 饰）武功已废，杨独行让王少东带路去见其父王大海，不料半路少东被刘黑虎手下杀害。杨独行对刘黑虎如此毒辣心感骇然，他决定涉足江湖，为民除害......

Harry Moseby (Gene Hackman), a worn-out private detective, is hired to look for a 16-year-old girl who has run away from the luxury home of her mother, formerly a small-time actress in Los Angeles. The more the weary cynic tries to get under the surface of the seemingly simple case, the harder it is for him to find his bearings among the lies and deceptions that surround him. Eight years after the key New Hollywood film Bonnie and Clyde, Arthur Penn and Gene Hackman reunited to collaborate on what was to become one of the most undervalued films of the decade. Like Polanski in Chinatown or Altman in The Long Goodbye, in his revisionist film noir, Penn also allows the 1940s classic genre to pervade the complex reality of the 1970s. The feelings of bitterness and emptiness in the modern Chandleresque protagonist originate not only in the “public” sphere of the strange, increasingly convoluted case, but in his private life as well (boyhood trauma, a broken marriage). As Moseby remarks of a sporting event, “nobody’s winning … one side is just losing slower than the other.”