In the South Bronx, Victor Rosa (JOHN LEGUIZAMO) is a gangster who fancies himself a self-made man via his dealing of a heroin mixture he calls "Empire." Working with his associates Jimmy (VINCENT LARESCA), Chedda (TREACH) and Jay (RAFAEL BAEZ), Victor deals for the powerful La Colombiana (ISABELLA ROSSELLINI) and her brother Rafael Menendez (NESTOR SERRANO). Occasionally, turf wars break out between him and La Colombiana's other dealers, including Tito (FAT JOE) and Hector (CARLOS LEON).
When he's not dealing or reaping the benefits of his lucrative business, Victor sees his live-in girlfriend and current college student Carmen (DELILAH COTTO), whose mother, Iris (SONIA BRAGA), doesn't approve of her daughter seeing a drug dealer.
It's at Baruch College where Carmen meets fellow student Trish (DENISE RICHARDS) who throws a party where Victor meets her investment banker boyfriend Jack (PETER SARSGAARD). The two men realize they have much in common despite their differences, and it's not long before Jack offers to get Victor and his drug money involved in the market.
With a baby on the way, Victor is enticed by the thought of going straight but remaining in the money business. Accordingly, he starts to make his move to break free from his gang as well as La Colombiana. Yet, he finds the divorce more difficult than he imagined and soon finds himself treading in some rather deep waters. From that point on, Victor has to figure out how to deal with the various problems and dangerous situations that arise.