In an alternate 1985 America, costumed superheroes are part of everyday life. When one of his former comrades is murdered, masked vigilante Rorschach (Jackie Earle Haley) uncovers a plot to kill and discredit all past and present superheroes. As he reconnects with his retired associates, only one of which has true powers, Rorschach glimpses a far-reaching conspiracy involving their shared past and catastrophic consequences for the world's future.