At the Saint Ignatius Orphanage, a rebellious boy named John Rossi refers to himself as "Simon Templar" and leads a group of fellow orphans as they attempt to run away to escape their harsh treatment. Just as Simon is caught by the head priest, he witnesses the tragic death of a girl he had taken a liking to when she accidentally falls from a balcony.
As an adult, Simon (Val Kilmer)—now a professional thief dubbed "The Saint" for using the names of Catholic saints as aliases—steals a valuable microchip belonging to a Russian oil company. Simon stages the burglary during a political rally held for the company's owner, Ivan Tretiak (Rade Šerbedžija). Tretiak is a former Communist party boss and a billionaire oil and gas oligarch who is rallying support against the Russian President. Simon is caught in the act by Tretiak's son Ilya (Valery Nikolaev) but escapes with the microchip. After learning of the heist, Tretiak contacts Simon and hires him to steal a revolutionary cold fusion formula discovered by American electrochemist Emma Russell (Elisabeth Shue). He wishes to acquire Emma's formula—which creates clean, inexpensive energy—so he can monopolize the energy market during a severe oil shortage in Russia.