Former policeman Lenny Nero has moved into a more lucrative trade: the illegal sale of virtual reality-like recordings that allow users to experience the emotions and past experiences of others. While they typically contain tawdry incidents, Nero is shocked when he receives one showing a murder.

In Los Angeles, a gang of bank robbers who call themselves The Ex-Presidents commit their crimes while wearing masks of Reagan, Carter, Nixon and Johnson. Believing that the members of the gang could be surfers, the F.B.I. sends young agent Johnny Utah to the beach undercover to mix with the surfers and gather information.