It's the mid-1960s and 16-year-old Frank Abagnale Jr. (LEONARDO DICAPRIO) seems to have the perfect life. Smart, good-looking and with a loving father, Frank (CHRISTOPHER WALKEN), and mother, Paula (NATHALIE BAYE), he even has a new checking account his dad opened for him.
Yet, things aren't exactly what they seem. Frank Sr. has problems with the I.R.S. as well as obtaining a loan, no matter what outrageous scheme he tries to use, some of which involve his son. When they're forced to sell the house and car, the marriage begins to crumble and the parents then inform their son of the inevitable - they're getting divorced.
Unable to take that news, Frank Jr. hits the road and tries to make it on his own, but similarly finds that he can't cash any of his checks at competing banks. Having already shown a penchant for assuming new identities like a chameleon changes its colors, the boy concocts an elaborate scheme where he ends up posing like an airline co-pilot so that he can cash forged airline checks.
That con also enables him to move about the country, always one step ahead of FBI agent Carl Hanratty (TOM HANKS) and his associates who work in the bank fraud division and are after the forger. Occasionally writing home or briefly visiting his father and still hoping and trying to get his parents back together, Frank begins living the high life, seeing various women such as Cheryl Ann (JENNIFER GARNER) and then Brenda Strong (AMY ADAMS), a hospital worker that gives him the thought that being a doctor might be a good career change.
That eventually leads to him meeting Brenda's parents, including father Roger Strong (MARTIN SHEEN), whose lawyerly profession obviously inspires the young man into another line of work. With the years passing and the amount of his forged checks nearing $4 million, Frank tries to stay ahead of Carl and his team as they move ever closer to catching him.