It's 1998 and Stephen Glass (HAYDEN CHRISTENSEN) is a hotshot journalistic reporter for the highly regarded The New Republic, a publication noted as being the "In-flight magazine of Air Force One." Working alongside the likes of other young staffers such as Caitlin Avery (CHLOE SEVIGNY) and Amy Brand (MELANIE LYNSKEY), Stephen is the toast of the publication thanks to his flamboyant pitches and resultant stories. That's much to the dismay of fellow writer Chuck Lane (PETER SARSGAARD) who can't match Glass' style.
Their editor, Michael Kelly (HANK AZARIA), occasionally questions Stephen on the facts, but otherwise trusts his star journalist. When Kelly is fired over a dispute with the magazine's owner, however, Chuck is named editor, casting a sour spell over the office. It only gets worse when Chuck begins investigating a series of allegations made by Adam Penenberg (STEVE ZAHN) of the online publication Forbes Digital Tool.
With the aid of staffer Andie Fox (ROSARIO DAWSON), Adam has discovered what he believes are falsehoods in Stephen's story about an Internet hacker. As he digs deeper for the truth, Chuck must try to figure out whether Glass is on the up and up, or whether the high flying young journalist - who adamantly stands behind the validity of his work and comes up with explanations or excuses for every discovery - has made up everything.