Johnny Utah (Keanu Reeves), is a rookie FBI agent and former Ohio State quarterback who, with his partner, Angelo Pappas (Gary Busey), are investigating a string of bank robberies by a gang known as the Ex-Presidents. They are called this because they use masks of former Presidents Ronald Reagan, Jimmy Carter, Richard Nixon, and Lyndon B. Johnson to disguise their true identities.

Pursuing Pappas' theory that the criminals are surfers, Utah goes undercover to infiltrate the surfing community. Knowing nothing of the sport/lifestyle, Utah persuades orphan surfer girl, Tyler Endicott (Lori Petty), to teach him to surf. In the process, Utah develops a complex friendship with Bodhi (Patrick Swayze), charismatic leader of a gang of surfers, Roach (James LeGros), Grommet (Bojesse Christopher), and Nathaniel (John Philbin), who accept Utah when they realize he is a great athlete. As he masters the art of surfing, Utah finds himself increasingly drawn to the surfers' adrenaline-charged lifestyle, Bodhi's philosophies, and Tyler.

Following a clue gotten by analyzing toxins found in the hair of one of the bank robbers, Utah and Pappas lead an FBI raid on another gang of surfers. While criminals, this group are not the Ex-Presidents and the raid inadvertently ruins a DEA undercover operation. Watching Bodhi's group surfing, Utah suspects they are the Ex-Presidents from the way one of them moons at everyone as one of the robbers did when leaving the bank. He tails Bodhi and his suspicions are confirmed by Bodhi and Roach casing a bank. Utah and Pappas stakeout the bank and the Ex-Presidents appear. A furious chase ensues through the neighbourhood, culminating in Utah having a clear shot at Bodhi but is unwilling to shoot him and Bodhi escapes.

Bodhi aggressively recruits him into going skydiving with him and his friends. Utah, still without proof of Bodhi's bank robbing, goes along. After the jump, Bodhi reveals that he knows Utah is an FBI agent and has arranged for his friend, Rosie, to hold Tyler hostage. Rosie, Utah knows, is a non-surfing thug and is forced to go with the Ex-Presidents in their last bank robbery of the summer. The robbery goes wrong and Grommet and an off-duty cop are killed as Utah is left at the scene. Defying their boss, who arrests Utah for armed robbery, Pappas and Utah go to the airport where Bodhi, Roach, and Nathaniel are about to leave for Mexico (where Rosie and Tyler await them). Pappas and Nathaniel are killed in another shootout and Roach is seriously wounded. Bodhi, Roach and Utah leave in the plane. Once airborne and over their intended jump point, Bodhi and Roach put on parachutes and jump from the plane,leaving Utah to take the blame again. Despite no other parachutes being available, Utah jumps from the plane regardless, managing to intercept Bodhi before he lands and use his parachute so they both land safely. Once on the ground, Bodhi and Rosie meet up, check on Roach (who is now dead) and escape. Bodhi orders Rosie to release Tyler and then the pair leave with the money.

Utah eventually meets Bodhi again two years later at Bells Beach in Australia where a record storm is producing lethal waves, an event Bodhi had talked about experiencing. After a brutal fight, Utah manages to handcuff Bodhi to his own wrist, but is persuaded to release him so he can ride the once-in-a-lifetime wave that will kill him. Utah walks away, throwing his FBI badge into the ocean. (source Wikipedia)