Working as the stunt double for action star Tom Ryder, Hollywood stunt performer Colt Seavers breaks his back during a stunt gone wrong and abandons his career and his girlfriend, camerawoman Jody Moreno.
Eighteen months later, Colt, now a valet for a small Mexican restaurant, is contacted by Gail Meyer, Tom's film producer. She tells him that Jody is directing her first film, a space opera film titled Metalstorm starring Tom, and that she wants Colt to join the production in Sydney. After arriving on set, Colt learns that Jody never asked for him and is still furious about their breakup, with the film serving as a less-than-subtle attempt to air her grievances at Colt.
Gail reveals that Tom has disappeared after getting into trouble with "very bad people", so she wants Colt to find him before his absence causes the already-overbudget film to be canceled. Not wanting Jody's directorial debut ruined, Colt agrees. He first goes to Tom's apartment, where he meets Tom's girlfriend and co-star, Iggy.
A lead Iggy gives Colt sends him to a nightclub. There he meets drug dealer Doone, who tricks Colt into drinking a cocktail laced with a hallucinogen. After getting into a fight with Doone's henchmen, he visits Tom's hotel room, where he finds a dead body in a bathtub full of ice. When Colt returns with the police, the body has disappeared.
As the production of Metalstorm continues, Colt and Jody begin to rekindle their relationship, until Gail abruptly informs him that he must return to the United States. Instead, he continues looking for Tom by tracking down his personal assistant Alma Milan. She hands him Tom's phone, which Tom and Gail had been searching for, before they are both attacked by Tom's head of security, Dressler, and his team, who are looking for the phone.
Colt and Alma defeat them after an extended chase through Sydney involving a rubbish truck. He and his long-time friend Dan Tucker, the stunt coordinator on Metalstorm, unlock the phone. On it they discover a video of an intoxicated Tom accidentally killing his most recent stunt double, Henry Herrera (the man in the bathtub), while sparring at a party. The henchmen attack Colt and Dan, destroying the phone with shotgun pellets.
Dan escapes, but Colt is captured and brought face-to-face with Tom, who has been hiding out on a yacht per Gail's instructions. He reveals that Gail is framing Colt for the crime using deepfake technology to replace Tom's face with Colt's on the incriminating video. Tom orchestrated Colt's accident because he felt that Colt was stealing the spotlight from him.
Henry's body is discovered, and the doctored video is released to the media. Meanwhile, Gail tries to convince Jody that Colt is guilty. He escapes and is presumed dead after a boat pursuit ends in an explosion, but he survives and swims to safety.
The next day, Tom arrives at the Metalstorm set, and production continues. Colt secretly returns to the set and convinces Jody of his innocence. Together, they trick Tom into participating in a stunt sequence and confessing while he is wired with a lav mic.
Meanwhile, the rest of the stunt team, led by Dan, hold off Tom's bodyguards. Gail steals the recording at gunpoint and tries to escape in a helicopter with Tom, but Jody helps Colt leap onto the helicopter in mid-air. He retrieves the recording and falls onto a crash mat prepared by Dan, while the helicopter crashes with Gail and Tom in it.
Metalstorm's trailer premieres at San Diego Comic-Con, with Jason Momoa as the new lead and Alma the film's new producer; the film eventually becomes a box office hit. Colt is exonerated, and he and Jody get back together.
In a mid-credits scene, Gail and Tom survive the crash, but authorities arrive to detain them. Tom leaves Gail to be arrested in order to call his agent, accidentally triggering a series of radio-controlled pyrotechnics and blowing himself up. Alma calls Momoa's agent.
In July 2010, the Los Angeles Times reported that a film based on the 1980s series The Fall Guy was in development. DreamWorks Pictures had collaborated with producers Walter F. Parkes and Laurie MacDonald on the project, and Martin Campbell was in talks to direct the film. DreamWorks, through the Walt Disney Studios' Touchstone Pictures distribution label, was to release the film in North America, Latin America, Russia, Australia, and Asia, while Mister Smith Entertainment would have handled sales in the remaining territories.
Reception
The Fall Guy grossed $92.9 million in the United States and Canada, and $88.2 million in other territories, for a worldwide total of $181 million. Variety estimated the film would need to gross $275–300 million in order to break even, and reported it would end up losing the studio $50–60 million.
In the United States and Canada, The Fall Guy was released alongside Tarot, and was projected to gross $30–35 million from 4,002 theaters in its opening weekend, with some estimates of $40 million. The film made $11 million on its first day, including $3 million from preview screenings.