At the rundown Raj Mahal residence hotel in swanky South Beach, Miami, former wiseguys Bobby Bartellemeo (RICHARD DREYFUSS), Joey "Bats" Pistella (BURT REYNOLDS), Mike "The Brick" Donatelli (DAN HEDAYA) and Tony "The Mouth" Donato (SEYMOUR CASSEL) have found that life has passed them by. While they were once fast running, young criminals in control of their destinies, they're now senior citizens who are facing eviction from their apartment homes due to newly imposed higher rents.
Resorting to their old ways, the guys come up with a plan to save their homes. As such, they take an unclaimed body from the mortuary where Brick works as a makeup artist and leave it in the lobby of their hotel with a shotgun wound to the head, knowing that such a presumably unsolvable murder will make their places less attractive and thus keep their rent in check.
The only problem is that the "victim" was the senile father of Raul Ventana (MIGUEL SANDOVAL), a South American drug lord who now believes someone's trying to send him a threatening message. Thus, he sends out his thugs to take care of the problem, but little do they know who's really responsible. The same holds true for detectives and former lovers, Olivia Neal (CARRIE-ANNE MOSS) and Steve Menteer (JEREMY PIVEN), who are now working the apparent homicide and believe the old men to be potential witnesses.
If that's not bad enough, the normally silent Mouth decides to blab about everything after having sex with a local stripper/prostitute, Ferris Lowenstein (JENNIFER TILLY), who in turn then decides to blackmail the wiseguys into murdering her stepmother, Pepper Lowenstein (LAINIE KAZAN), lest she spill the beans about what she now knows.
Contemplating their options, the four men must then figure out how to deal with Ferris, Ventana and his thugs, and Menteer and Neal, the latter of whom has a special connection with Bobby, all of which further complicates their once simple plan that's now spiraling out of control.