At 5:21 a.m. one Chicago morning, Rally Vincent and Minnie May are sneaking up on their quarry -- the fugitive Jonathan Washington, wanted for drug trafficking. May calls Washington from a payphone near the apartment he is staying in, asking for "Janice," but Washington hears an elevated train over the line, and realizes it's the same train he hears outside his window.
The surprise is blown! Washington rushes to his bag, removing and then loading a small shotgun. Now armed and ready, Washington nervously waits for his would-be captors to come through his door.
Rally Vincent takes the elevator up to Washington's floor and calmly walks towards his door, snicking off the safety on her model 1 CZ75. Meanwhile, Washington is tense and his trigger finger is itchy. He's just waiting for someone to blow away.
Washington looks down in horror at the object which has landed next to his foot: a grenade wrapped with red ribbon and a little bow. He only has a split second to gasp before the grenade detonates!
Fortunately for Washington it was only a smoke grenade, but the blast was strong enough to momentarily knock him unconscious. He wakes to find Rally standing over him, gun in hand.
"Jonathan Washington.... Rally Vincent, bounty hunter."
Mini May pops her head down from her perch outside the window, "And I'm Minnie May!"
"Nice to meet you!" Rally says.
And so it starts.
After a nice retro-looking opening sequence, we find Rally and May back at their store, Gunsmith Cats. Rally is on the phone with Becky, their informant. It turns out that Washington had run even though there was no evidence against him -- which didn't make sense. But before the two can discuss it further, a customer walks in and Rally is drawn away from the conversation.
The second customer to walk through the door is Bill Collins of the Bureau of Alcohol Tobacco and Firearms. He asks Rally to cooperate with him in a sting operation to nab Jonathan Washington, the guy who Rally just busted. It turns out that Washington is really selling illegal weapons and they want Rally to help get some evidence on him.
Of course, it would seem silly for someone to turn a suspect over to the police, then turn around and try to do illegal business with them, so Rally was naturally unwilling. However, Bill urges Rally to help because otherwise he'll have to charge her with illegal weapons possession herself -- class three, fully automatic weapons without a license, and to charge May with possession of illegal explosive devices and dangerous materials.
That night, Rally and May's house is broken into while Bill and two other BATF agents are parked outside. The three intruders head for the basement where Rally keeps her guns. After a brief firefight, Rally and May secure their house, but BATF agents are (conveniently) quick to arrive on the scene. During the investigation that follows, Bill remarks on what a shame it would be to have to melt down all of the illegal guns Rally has in her basement. Not having much of a choice, Rally agrees to help Bill with their plan to get Washington.
And so, Rally bails Washington out and says that she wants to buy some of his goods. Washington is puzzled and amused, but agrees to sell her his merchandise. They arrange to meet at an old warehouse. Three nights later Rally, May, and Becky head for the warehouse, but as it turns out, Rally only had Becky come along to keep and eye on May... whom Rally doesn't want coming onto the scene.
Before Washington will sell anything to Rally, he wants her to prove that she is not working under cover and so he gives her a test. Apparently there is a leak at the BATF, and Bill Collins has been captured by Washington. Rally's test is to shoot Bill with his own gun.
Rally takes the gun, loads it with one bullet given to her, and proceeds to fire. Her shot zings through the rope which is binding Bill and takes out the thug behind. During the calamity that ensues, Rally and Bill take out the other two thugs and take Washington himself hostage. Unfortunately, about eight of Washington's men are waiting outside, and they know there's trouble as soon as the lights in Washington's office go out.
There's only one way out, which is through the front door. A dramatic firefight begins with Rally and Bill heavily outgunned.
Meanwhile outside, May hears the shooting, slips out of the ropes Rally tied her up with, and proceeds to an upstairs door of the warehouse. It's locked, and so May decides to blast it open with one of her devices.
In the climactic finale of the shootout, Rally's jacket has been pinned by a crane hook. In getting out, she accidentally drops her gun. Bill tosses her his gun, and runs into harms way to do so, but the two of them manage to take out the last two thugs... or so they think.