The story is set during the Great Depression and follows Frank Chambers (played by Jack Nicholson), a drifter who wanders into a rural California diner and lands a job. There he meets Cora Smith (played by Jessica Lange), the young, beautiful wife of the much older Greek immigrant who owns the diner.

Frank and Cora quickly begin a passionate and illicit affair. Driven by desire and desperation, they conspire to murder Cora's husband in order to be together and take over the diner. Their first attempt fails, but the second succeeds. However, their guilt, mistrust, and external pressures soon unravel their relationship, leading to a tense and tragic conclusion.