Brian O'Conner (Paul Walker), has left Los Angeles due to his illegal action, let Dominic Toretto escape in the first movie. He comes to Miami to start a new life, where he soars the streets making money by street racing with Tej (Ludacris) an ex-street racer and well-known car tuner. Tej purpose him a race with Suki (Devon Aoki), Orange Julius  (Amaury Nolasco) and Slap Jack (Micheal Ealy). Watched by Customs Agent Monica Fuentes (Eva Mendes), Brian, after winning the race, is caught by the police. He is arrested by US Customs Agent Markham (James Renan), and he meet again his former boss FBI Agent Bilkins (Thom Barry), who makes a deal with him saying that if he accepts to take part in a mission, his criminal record will be wiped clean.

The mission involves working undercover as street racer for the shady Miami-based import-export dealer  and drug lord Carter Verone (Cole Hauser), with another cop and with help from Monica. Brian accept the deal, with the only condition to choose personally his partner. Brian and Bilkins travel home to Barstow, California, where Brian recruits his old friend Roman Pearce (Tyrese Gibson). But Roman is really mad with Brian, ‘cause he thinks it was Brian’s fault if he was arrested long time ago, and now he must live no more than 100 meters away from home. Brian tells Roman that he didn’t betray him when he was arrested, so Pearce agrees at the same deal Brian was offered, a criminal record clean.

Markham give them 2 cars, a Mitubishi Lancer Evo VII and a Mitsubishi Spyder to do an "audition" race  for Verone with others street racers. Verone ask the racers to bring him a package he left in his Ferrari stored in a deposit. They win the highly charged race, and strike a deal with Verone, who wants them drive his money to the Keys, for a prize of 100,000$ at the finish line. Roman requests that the prize be $100,000 for both himself and Brian. But Brian and Roman begin to realize the major trouble they are in and ask Tej to arrange a race for "pink slips" with two of the racers from the audition race; Brian and Roman win Korpi's 1969 Yenko Camaro and Darden's 1970 Challenger R/T.

Later on that night Brian and Roman arrive at Verone's nightclub where he "persuade" the police detective Whitworth (Mark Boone Junior) into keeping the local police away from Brian and Roman so they may transport the money. The next morning they embark on the mission in their Mitsubishis with Verone's dirty money in the trunks and two of his henchmen Enrique (Matt Gallin) and Roberto (Roberto Sanchez) riding along. During the transportation of Verone's money the corrupt Detective Whitworth calls in the army of police units he has waiting nearby. During the chase they lead the police to a warehouse complex. The police surround the front of the garage area so Brian and Roman's street racer friends create a "scramble" diversion allowing Brian and Roman to sneak away in the Camaro and Challenger continuing their mission.

But Roman and Brian have their own plan. Reaching the meeting point Roman free himself from Roberto’s presence with a special ejector seat, but Brian’s one didn’t work, and  tells him the meeting point was changed. Verone said to to kill Brian while he tries to escape aboard his yacht with Monica, who he knew she was an undercover U.S. Customs agent. Roman arrive and helps Brian fighting for life with Enrique. Brian and Roman jump off of a nearby ramp with the Camaro, landing on the top of the yacht to save Monica. Verone is arrested and the duffle bags carrying his drug money are recovered.