Lawrence Jamieson (Michael Caine) is a cultivated and suave British master con artist who operates in the deluxe hotels along the French Riviera under the watchful and approving eye of French Inspector Andre (Anton Rodgers), the resident chief of police who receives a cut of his take. Their only concern is a mysterious, anonymous character known only as "The Jackal" who has been preying on other wealthy victims of late. When small-time American hustler Freddy Benson (Steve Martin) decides to search for easy marks in Beaumont-Sur-Mer, Lawrence's home base, Lawrence recognizes that the Jackal has shown his face. He briefly has Andre arrest Freddy for conning a gold digger and release him on the promise of a bribe, but Freddy encounters one of Lawrence's past victims on his plane and realizes who Lawrence really is. Freddy returns to Beaumont-Sur-Mer and confronts Lawrence, demanding training in his art of the con in exchange for keeping silent. Lawrence agrees, but only as a way to get rid of Freddy since Lawrence does not want a lowly competitor infringing on his territory. Freddy's roles in subsequent cons are limited, and much to his chagrin, he is forced to play Lawrence's mentally disabled younger half-brother, Ruprecht, whose extremely socially subnormal traits are used to repel women that Lawrence has recently conned, and to whom they believe they will be wed. When Freddy decides that he's had enough of Lawrence's humiliating tutelage and wants to go out on his own, the two agree to a challenge to see who will remain in Beaumont-Sur-Mer, since there is not enough room for the two of them in the same small town. The first one to con $50,000 out of a selected mark will be allowed to stay, while the other must leave and never return to Beaumont-Sur-Mer. The two select Janet Colgate (Glenne Headly), a naive and wealthy American heiress, as their target and embark on their separate strategies while at the same time ruthlessly sabotaging each other. Freddy poses as a Psychosomatically crippled soldier who needs to borrow $50,000 for treatment by a celebrated Liechtenstein psychiatrist, Emile Shauffhausen. But when Lawrence discovers this scheme, he pretends to be Dr. Shauffhausen, insisting Freddy's condition is one he can cure with the stipulation that Janet pay the $50,000 fee directly to him. Lawrence discovers that Janet is not wealthy after all but on vacation as a contest winner. She plans to sell the remainder of her prizes and combine the proceeds with her father's savings to finance Freddy's treatment. Lawrence has always taken advantage of wealthy and corrupt members of society, but he does not take advantage of the poor and virtuous. Impressed and emotionally touched by Janet's innate goodness, Lawrence calls off the bet. Freddy suggests they change the challenge and make Janet herself the bet, with the first to bed her declared the winner. Lawrence refuses to try to "win," agreeing only to bet that Freddy will fail to do so. Scheming with a group of sympathetic English sailors (who pity Freddy and think he really is disabled), Freddy has Lawrence abducted and taken to a transport plane to Honduras. He goes to Janet, who admits that she is in love with him. This "cures" Freddy of his disorder. Lawrence is in the bedroom hidden from view, and Janet reveals that he had told her how to handle Freddy's return, and that he would be 'cured'. Once a member of the Royal Naval Reserve, Lawrence had told the sailors the true story. Frustrated at being played for fools, they strong-arm Freddy into joining their party and glue his palm to a wall to stop him from escaping while Lawrence puts Janet on the next plane out of France. Despite being trapped, Freddy enjoys the party greatly. The next day however, Janet does not board her flight. She instead returns to her hotel room to find a remorseful Freddy there. They kiss, close the door and begin to undress. The news reaches Lawrence as he swims, and he accepts his defeat with grace. He is later seen struggling to retain composure as he waits for Freddy to return and gloat over his victory. Janet later goes to Lawrence in tears. She tells him that Freddy has stolen the money her father sent. Lawrence compensates her with $50,000 of his own and takes her to the airport. At the last minute before she boards the plane, Janet tells Lawrence that she cannot take the money and gives the bag back to him. As the plane leaves, Freddy, in handcuffs, appears claiming that Janet robbed the both of them. Puzzled, Lawrence finally opens up the bag and finds a note from Janet instead admitting that she indeed took the $50,000 and that she was The Jackal all along. Freddy rants his head off, while Lawrence smiles in admiration at Janet's cleverness. Freddy and Lawrence assess their loss. They are about to part company forever when Janet, under a new disguise (as a loud New Yorker named Paula), suddenly arrives at Lawrence's villa with a yacht filled with wealthy people. While the guests refresh themselves, Janet takes the two men aside and announces that as The Jackal she has made a fortune, but she had great fun during her time with Lawrence and Freddy. Joining arms, they set out to fleece their latest victims.
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