It has been twenty years since Don Diego de la Vega fought Spanish oppression in Alta California as the legendary romantic hero, Zorro. Having escaped from prison he transforms troubled bandit Alejandro into his successor, in order to foil the plans of the tyrannical Don Rafael Montero who robbed him of his freedom, his wife and his precious daughter.
In Los Angeles, a gang of bank robbers who call themselves The Ex-Presidents commit their crimes while wearing masks of Reagan, Carter, Nixon and Johnson. Believing that the members of the gang could be surfers, the F.B.I. sends young agent Johnny Utah to the beach undercover to mix with the surfers and gather information.
The police try to arrest expert hostage negotiator Danny Roman, who insists he's being framed for his partner's murder in what he believes is an elaborate conspiracy. Thinking there's evidence in the Internal Affairs offices that might clear him, he takes everyone in the office hostage and demands that another well-known negotiator be brought in to handle the situation and secretly investigate the conspiracy.
