Vasily Federov, a Russian billionaire born as Christopher Clay in the American Midwest, campaigns for the Russian presidency on a luxury train across Siberia, accompanied by his deeply unhappy wife, Irina, the daughter of the sitting president. Abandoned as a baby in a Siberian phone box and adopted by Americans, Federov reinvented himself as a Russian nationalist after both birth parents rejected him. He forces Irina to wear a gold-and-diamond bracelet called the Bracelet of Fidelity, inscribed with the initials NC and mysterious engravings. During a televised debate, he pledges to return the real Amber Room to the Russian people. The Amber Room is a legendary chamber of amber panels stolen by the Nazis from Russia during World War II and never recovered.
Four thousand miles away, Aubrey Argylle, a young man in his early twenties, drifts aimlessly through Thailand's Golden Triangle, a border region notorious for drug trafficking. Orphaned when his parents, international drug smugglers he believed were textile exporters, were murdered by the Sam Gor, a brutal Chinese syndicate, Argylle has spent five years without direction. A polyglot who speaks seven languages, he writes compulsively in journals. When a Drug Enforcement Administration (DEA) plane is shot down by the Sam Gor, Argylle rescues surviving agents and uses the plane's transponder to guide a CIA-backed rescue team to the cartel's camp. His ingenuity catches the attention of Frances Coffey, the CIA's Chief Operating Officer.
A parallel storyline reveals that Federov, after his birth father's death, discovers the old man's research into the Amber Room. A postwar interrogation transcript links the treasure to a French actress named Nathalie Chabert and a mysterious bracelet, prompting Federov to purchase the Bracelet of Fidelity at auction in Hong Kong for five million dollars.
Coffey sends undercover agent Woody Wyatt, a former Navy SEAL, to assess Argylle. Argylle sees through Wyatt's cover within hours, and Coffey invites him to New York. He initially refuses, citing federal agencies' persecution of his parents. A chance encounter with a young Mexican immigrant who echoes his late mother's advice to always choose the frightening path persuades him to accept.
At the CIA's Harvey Point training facility in North Carolina, Argylle replaces Glenn Dabrowski, a popular operative supposedly jailed for espionage after a failed mission in Isfahan, Iran. The team resents him as an outsider. Matt Schneider, a hard-edged operative, accuses Argylle of being Coffey's spy, while Keira Carter, a sharp-tongued cyber-intelligence specialist, is the first to befriend him. Argylle clashes with Wyatt but earns respect after risking his life to save Wyatt from drowning during a training exercise. Other key teammates include Erin Quinn, a CIA legacy whose father reportedly died in Iraq; Noah Washington, a graceful sharpshooter; Tony Corcoran, an older, self-contained operative; and Asif Samra, a quiet engineer.
The team's first mission takes them to Monte Carlo to steal Federov's bracelet during a charity ball. Argylle and Quinn pose as an engaged couple. When the original plan collapses, the team improvises: They trigger Irina's flicker-vertigo condition, a neurological response to pulsing light, using reprogrammed strobe lights, causing her to collapse. They remove the bracelet in a requisitioned ambulance and hand Federov's menacing enforcer, Sergei Denisov, a fake bracelet as a decoy.
A second mission targets a nearly identical bracelet housed at a Greek Orthodox monastery on Mount Athos. The team parachutes in at night and steals the Bracelet of Piety. Russian Spetsnaz, or special-forces troops, led by Denisov, arrive simultaneously. During the escape, Samra is killed. Argylle recovers a bullet from Samra's body and discovers it matches the team's standard-issue ammunition, suggesting Samra was shot by a teammate.
Coffey demonstrates that the two bracelets click together to form the Bracelet of Concordia, its exterior engraved with what Argylle recognizes as a star map. An astronomer at London's Royal Observatory identifies the location as the Château de Fontainebleau, a grand French palace. In London, Argylle and Quinn begin a relationship forbidden by CIA rules prohibiting romances between team members. At the German Federal Archives, Argylle, Wyatt, and Carter discover records from the Maison du Plaisir, a small ornamental building in the Fontainebleau forest that the Nazis used as a torture chamber, including the journal of Henri Dumas, a French resistance fighter whose cryptic writings hint at something hidden behind the building's walls. Meanwhile, Carter confides to Argylle that she is queer but fears telling her immigrant parents. When she eventually comes out, her mother's harsh response wounds her, but Carter refuses to hide who she is.
After interviewing Chabert's surviving daughter, Coffey theorizes that the Nazi art historian Naumann secretly transported the Amber Room to the Maison du Plaisir. At the building, the team finds a map scratched into a hidden wall panel, but Russian forces attack. Argylle holds the panel up to a mirror so Coffey can capture an image through closed-circuit television, then destroys the panel and escapes through a stained-glass window.
Coffey privately reveals that Dabrowski's imprisonment was staged to flush out a traitor, and that someone recently stalked Argylle with a silenced weapon. Dabrowski, alive in a Montana farmhouse, has been monitoring the team and triggered a fire alarm to save Argylle's life. The captured map leads analysts to the Tatra Mountains in southern Poland, where satellite imagery reveals a concealed train track entering a mountainside.
A catastrophic storm forces the team to drive to Poland while Federov's helicopters approach from the east. Inside the mountain, they find a vast Nazi underground complex and a hidden armored train bearing crates stamped "Königsberg." Spetsnaz rappel in and a brutal battle erupts. Argylle overhears Quinn apologizing to Washington before shooting him. Quinn reveals that she has been feeding information to Federov because the Russians held her father, Jared Quinn, a CIA agent abandoned in Iraq and secretly passed to Russia, as a hostage. Denisov tells Quinn her father died two days earlier and releases her, expecting her betrayed teammates will kill her. Quinn shoots Argylle below the collarbone.
Federov arrives with a television crew to broadcast his discovery. As he opens the first crate on camera, Quinn drops a grenade into it. The explosion kills Federov and destroys Quinn. The blast collapses the cavern. Argylle, despite his shattered collarbone, drags the wounded Washington onto an ascending platform with Carter's help, escaping moments before everything is buried.
In the aftermath, Irina visits Jared Quinn in Federov's basement prison and tells him his daughter killed her husband; he dies shortly after, at peace. Irina announces her own presidential candidacy and privately burns the scrap of baby blanket Federov had treasured his entire life. At Harvey Point, Coffey eulogizes the fallen and explains that Quinn was manipulated but sacrificed herself to stop Federov. Dabrowski arrives in person and embraces Argylle. As Argylle, Carter, and Wyatt head off to play pool together, Coffey prepares to meet her newest recruit, continuing the cycle.