Fighter pilot Col. Chappy Sinclair (Louis Gossett Jr.) returns in this latest installment of the popular action film franchise. Recently retired, Chappy, along with two fellow pilots (Sonny Chiba and Christopher Cazenove), has started an air circus using vintage World War II aircraft. But the carnival is interrupted when Chappy's old friend Anna (Rachel McLish) arrives and begs the air circus to help her battle a Peruvian drug-smuggling cartel.