The story begins with Mr. Chu, an inspector with a dark side in the police department, meeting Bloody Wolf to discuss a job. Bloody Wolf hires Mr. Chu to steal a silver box from the police department, but the catch is that Chu has to hire Black Cougar (or Panther) to steal it.
When Black Cougar received his mission for $10 million, he enlists a group of six other people, each with their own expertise, to become the Black Panther Warriors. Madam Rose, nicknamed "One Thousand Needles", is a sexy lady who uses her needles as her weapon. Black Jack Lover, aka Ching Yan, is a charming gambler who uses his cards as weapons when he fights. Mo Po is an expert with guns but has a weakness with women and gets crazy and starts doing flips when he hears people speak Mandarin. Ah Chan is a young girl, whose expertise is unclear, yet she has martial arts skills and also uses a gun. Ching Ching is a fellow disciple with Black Cougar and were once a couple. She is the cleverest one who knows the strengths and weaknesses of each person and put that knowledge to good use. She is very fast with a sword and knows Ching Gung (acrobatic flying skills). Ching Ching is always professional, has good leadership skills, and has a lot of authority. Lastly, Robert Parkinson is the computer genius, but he is only a genius when he has a pacifier in his mouth; otherwise, he turns into an idiot. Robert also has martial arts skills, but again, he has it only with his pacifier in his mouth.
The team uses their skills to find a way into the locked area of the police department. They find out that they must have this particular girl's hand-print, a man's weight, a security card, and an access code to enter the office where the silver box is kept.
Enna, whose hand-print the team must obtain, always wears gloves. So in order to get her hand-print, the boys use their charm to attract Enna. Black Jack Lover started by using his sad eyes to make her soft-hearted. However, after some quirky actions by the other guys, they end up getting the hand-print from the slap marks on Robert's face.
Then, it's the girls' turn to find out the weight of the fat man. Madam Rose planned to use "womanly wilds" to seduce the man, but to her horror, she became the victim as the man out-smarted her and chained her hanging from the ceiling. Ah Chan soon followed into the man's house, but got the same outcome. Of course Ching Ching, being the cleverest, comes to the rescue by pretending to charm the man but attacking him quickly before he has a chance to attack her. She chains up that man and weighs him in comparison to the other two girls' (who were hanging from chains) weight.
After the team has done all the necessary preparations to enter the police office, Black Cougar goes to steal the box by himself while the others fool around while waiting in his house. Black Cougar successfully steals the box, but is stopped by Chu (who works for the police) and a police squad. He escapes the police, but then faces Bloody Wolf. Black Cougar and Bloody Wolf are disciples of the same Sifu (master), but they haven't seen each other for 15 years. Black Cougar thinks that Bloody Wolf is dead because Bloody Wolf staged a fake death after their Sifu died. Black Cougar is finally captured by Bloody Wolf.
At the manor, the rest of the team is attacked and the start to flee. The boys disguise themselves and return to the house in the morning, where they find the girls waiting for them. The girls suspect that there is a spy amongst them and forces one of the guys to admit their guilt. In the meantime, Black Cougar is chained and questioned about the whereabouts of the contents of the silver box. Black Cougar wants to know why Bloody Wolf faked his death, but Bloody Wolf would not say and continues to demand and torture Black Cougar for the silver box's contents.
Just when Bloody Wolf is about to hit Black Cougar with a dangerous blow, someone jumps in to save Black Cougar. He thinks that Ching Ching came to save him, but it turns out to be Ah Chan. As they are running away, Ching Ching comes and attacks Ah Chan, revealing to Black Cougar that Ah Chan is actually the betrayer and spy. Ah Chan regrets her actions and is confronted by Mr. Chu, but Mo Po saves her from Mr. Chu.
Black Cougar remembers to the time when his Sifu died and he thought that Bloody Wolf had sacrificed to save him. Even though Ching Ching tells Black Cougar that Bloody Wolf should not be trusted, Black Cougar continues to feel guilty for causing Bloody Wolf's death. Now, he doesn't know what to think.
At this moment, Black Jack Lover, Robert, and Madam Rose come and accuse Black Cougar of selling out to the enemy... but they were just joking, or else they would have left. Then Mo Po brings Ah Chan in to apologize for betraying them, but she only did it because Bloody Wolf threatened to hurt her mother. Ah Chan reveals to the others that the silver box contained a lightened paper, or a film paper (that is now all black), that Bloody Wolf wanted to get. The police had just gotten hold of a machine that would reveal what was on the paper. Robert Parkinson examines the paper and believes that he can reveal what is on the paper using his computer.
While Robert busies himself with the lightened paper, the rest of the team prepare for an attack from Mr. Chu and his men and Bloody Wolf. As the manor goes under attack, Robert is able to print out the image from the black film paper. It shows that Bloody Wolf was the one who had murdered Black Cougar's and Ching Ching's Sifu.
The movie ends with a showdown of gunfire, bombs, and sword-fighting. Of course, the Black Panther Warriors come out in victory and all get their share of money. Madam Rose ends up with Black Jack Lover (they had an attraction since the first meeting), Ah Chan goes with Mo Po and continues their bickering relationship, Black Cougar arranges an airplane wet-nurse for Robert (and he no longer needs his pacifier), and Black Cougar goes to search for Ching Ching (who had left a note with Madam Rose for Black Cougar).