In Corpus Christi, Texas, teenagers Billie Jean Davy (Helen Slater) and her younger brother Binx (Christian Slater) drive to a lake, and while they swim, a bully named Hubie Pyatt (Barry Tubb) and his gang steals Binx's motorbike. Billie Jean reports the theft to police, but Lieutenant Ringwald (Peter Coyote) tells her to wait two days for Hubie to return it on his own before he gets involved. Billie Jean goes home and finds the damaged scooter, and her brother bloody and beaten after retrieving the bike himself. Billie Jean visits Hubie at his father's surf shop, and gives him a $608 bill for damages. Hubie's father, Mr. Pyatt (Richard Bradford), agrees to give Billie Jean the money, but when he gets her alone, he gives her only $50, and tries to assault her. Binx and their neighbor Ophelia (Martha Gehman) wait outside for Billie Jean. When she takes too long, they enter the empty shop, and Binx opens the register, planning to take the money he is owed, but instead finds a gun. When Billie Jean runs into the room with Pyatt chasing after her, Binx points the gun at him and demands his sister's release. Hubie enters the shop and his father falsely accuses Billie Jean and Binx of attempted robbery, and tells Hubie to call police. Pyatt walks toward Binx and tells him the gun is not loaded. Binx checks the chamber for bullets, and the gun accidentally goes off, shooting Pyatt in the chest. The teens flee, and Billie Jean wants to go to the police, but Ophelia insists they will not believe their story. Instead, they return home, pack a few items, and go on the run, with their young neighbor, Putter (Yeardley Smith), tagging along. Meanwhile, Lieutenant Ringwald learns that Billie Jean and Binx were involved in a robbery, and blames himself for not properly handling their initial complaint. The teens listen to news of the shooting on the radio, but are not sure if Pyatt is alive. When they stop for food at a gas station, some teenagers approach Billie Jean with her picture in the newspaper and ask for her autograph. They buy the runaways some groceries, and treat them as heroes. Billie Jean and Binx are relieved to learn that Pyatt is in good condition. Billie Jean telephones Lt. Ringwald and the fugitives agree to turn themselves in, on the condition that Pyatt pay the $608 they are owed. Billie Jean agrees to meet Ringwald the following day at a shopping mall. Her photograph is posted around town, and she develops a following among her peers. Pyatt refuses to pay the money, so Ringwald donates his own $608 to make things right, and Pyatt gives Billie Jean the money, as if it came from him. At the hand-off, Pyatt continues to sexually threaten Billie Jean, and has Hubie attempt to grab her. She runs away as Hubie and Ringwald's officers chase after. Ringwald is furious with Pyatt, and tries to help the teens, but Binx points a toy gun at the Lieutenant before they drive away. On the run again, Billie Jean's legend grows. The runaways seek food and shelter in what they think is in empty mansion. While exploring, Billie Jean enters a room full of Halloween decorations, and the homeowner's son, Lloyd Muldaur (Keith Gordon), playfully sneaks up on her wearing a mask. She kicks him, and he removes the mask to reveal he is her age. Lloyd recognizes the "outlaws," and welcomes them into his home. They watch the television news and hear untrue stories being spread about them. On another channel, Billie Jean sees a movie about Joan of Arc. Lloyd regales the story of how she was a hero who sacrificed herself, and Billie Jean becomes inspired. She instructs Lloyd to get a video camera prepared so she can record a message. Billie Jean cuts off her long blonde hair in the short style of Joan of Arc, puts on a colored wet suit with the sleeves ripped off, and records a message claiming her innocence. The teens leave so they do not get Lloyd into trouble, but he suggests they use him as a hostage to get their demands met. Billie Jean sneaks her videotaped message into the police station and on television. In the video, she demands Pyatt pay her the $608 for the scooter repair claiming, "fair is fair," and her supporters begin using the phrase as a slogan. Ringwald investigates Lloyd's home and surmises the teens are working together. Lloyd's wealthy father Mr. Muldaur (Dean Stockwell) offers $10,000 for his son's safe return, but Lloyd is insulted at the bargain-basement ransom amount. Pyatt sells T-shirts and souvenirs with Billie Jean's name and image on them. While her friends are in a store, children approach Billie Jean and ask her to help their friend, Kenny, who is being abused by his father. They lead her to Kenny's home, and when Billie Jean enters, the boy's father recognizes her from the news, and sees the large group of children gathered outside his window. He allows his son to leave with Billie Jean, and she announces to her followers that Kenny will be moving in with his grandmother. As the teens drive away, a local man shoots at them, hoping to capture Billie Jean for the reward money. He chases the teenagers down city streets and shoots their tire, before his own truck flips over. The teens rest for the night and discuss going to Vermont, where Binx has long dreamed of visiting. Lloyd advises they stay in town to clear their names, and kisses Billie Jean. To prevent Ophelia and Putter from getting into trouble, Billie Jean waits until the girls are asleep, and reports their whereabouts to Ringwald. Binx, Lloyd and Billie Jean make their way to a country club and discuss stealing a vehicle, but Billie Jean does not want to commit yet another crime. However, Binx attempts to steal an automobile, and is chased by security guards. The teens become separated, and Billie Jean is offered a ride by a girl sporting her same short hairstyle. Elsewhere, Ringwald questions Ophelia and Putter at the police station, and several girls with short hair turn themselves in, claiming to be Billie Jean. Meanwhile, Billie Jean gets a series of rides from several look-alikes. She goes to an abandoned carnival where she reunites with Binx and Lloyd. Ringwald follows a lead that takes him to their hideout. While they remain hidden, Ringwald shouts out an offer to repair Binx's motorbike and drop the charges if the runaways turn themselves in. Sometime later, Billie Jean telephones the lieutenant and accepts the offer, agreeing to meet at a beach side "Billie Jean Day" event. Ringwald awaits her arrival, and is alarmed that someone has called in snipers. At the exchange, Binx disguises himself as Billie Jean, holding a toy gun to Lloyd's back, while Billie Jean hides in the crowd, wearing a wig. Billie Jean sees a brand new scooter, and confirms that the deal is legitimate. Hubie recognizes Binx, and when Binx waves his gun towards Hubie to quiet him, the snipers shoot Billie Jean's impersonator in the shoulder. Mayhem ensues. Billie Jean slips away unnoticed as she chases after the ambulance carrying her brother. When Billie Jean sees Pyatt selling souvenirs with her image on them, she removes her wig and confronts him. A crowd of onlookers and TV camera crews gather, and Pyatt agrees to give her the money. However, she realizes that Lloyd's father, not Pyatt, paid for the new scooter awaiting her brother, and refuses to accept the offer. Billie Jean insults him and reveals in front of the crowd that he tried to sexually assault her. She kicks him and throws the money in his face. A torch is knocked over and burns his display booth, but no one comes to his aid, and the fire spreads throughout the event. Sometime later, Billie Jean and Binx arrive in wintry, snow-covered Vermont. Binx (with his arm in a sling and recovering from his gunshot wound) claims that the weather is too cold as they continue to hitchhike. Binx sees a snowmobile parked nearby at the rest stop they are at and gets an idea.... implying that he and Billie Jean plan to steal it. Fade out.
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