In London, mob boss Lenny Cole (Tom Wilkinson) rules the ever-growing real estate business, using a corrupt Councillor (Jimi Mistry) for bureaucratic fixing, and his right-hand man Archy (Mark Strong) for the dirty side of things. A billionaire Russian businessman, Uri Omovich (Karel Roden), plans a fixed land deal, and London's crooks seem to all want a piece of it � particularly Uri's underhanded accountant Stella (Thandie Newton), and a gang called "The Wild Bunch" led by small-time crook "One-Two" (Gerard Butler), his partner "Mumbles" (Idris Elba), and their driver, "Handsome Bob" (Tom Hardy).

Uri agrees to Lenny's price of �7,000,000 to grease the Council's wheels, and as a sign of trust, loans him his "lucky painting." Yet when Uri arranges for Stella to move the funds, she double-crosses him and hires the Wild Bunch to steal the money. Unfortunately for Lenny, however, his junkie stepson Johnny Quid (Toby Kebbell), supposedly dead, steals the painting from Lenny's wall. Lenny and Archy then coerce Johnny's American managers Mickey (Chris "Ludacris" Bridges) and Roman (Jeremy Piven) into tracking down Johnny. In a subplot, Handsome Bob gets close to Stella's gay husband, a lawyer who has information on a longtime unknown informer in their criminal circle whose information has Bob looking at a five-year prison term.

Uri tasks Stella once more with covertly siphoning the necessary payoff from his holdings, and grows increasingly enamoured with her. When his moneymen are once again robbed by the Wild Bunch, his assistant Victor convinces him that it's likely Lenny who is behind the robberies, and is also purposely keeping Uri's lucky painting from him. Uri & Victor then invite Lenny to a private golf game on a golf course owned by Uri, where Victor beats him savagely with a golf club, finishing by breaking Lenny's leg as a warning to him.

Cookie (Matt King) happens to buy the painting from some crackheads who had just stolen it from Johnny's hideout. Cookie then gives the painting to One-Two who, in turn, offers the painting to Stella (after a sexual encounter) as a token of appreciation. After Stella leaves his flat, One-Two is surprised by Uri's henchmen but is rescued, and then kidnapped, by Archy and his goons who had come looking for Uri's money.

Uri wants to marry Stella, whom he has long admired. He goes to Stella's house to propose, but he then spots the painting. Stella lies and says she has had it for years. Uri, enraged by Stella's betrayal, orders Victor to kill her.

Archy brings Johnny, Roman, Mickey and the Wild Bunch to Lenny's warehouse where Lenny orders Johnny executed. He threatens to kill the Wild Bunch "very slowly" unless they give up the money they stole. Handsome Bob offers the legal documents concerning the informant in his pocket to Archy. Archy recognises the pseudonym used on the documents, "Sidney Shaw", as belonging to Lenny. Lenny arranged the police to routinely lock up many criminal associates (including Archy) for years at a time to enhance his own standing in the criminal underworld and to ensure his own freedom. Archy orders Lenny's men to free the Wild Bunch and has Lenny drowned and fed to crayfish.