In the American Old West, Mephistopheles (Peter Fonda) sends his bounty hunter of the damned, the Ghost Rider, to retrieve a contract for a thousand corrupt souls from the town of San Venganza. Because such a large amount of souls would cause Hell on Earth, the Rider refuses to give the contract and escapes Mephistopheles, later to hide the contract and himself.

A century and a half later, Mephistopheles reaches out to seventeen-year-old stunt motorcycle rider Johnny Blaze (Matt Long/Nicolas Cage), offering to cure his father's lung cancer in exchange for Johnny's soul. Johnny inadvertently 'signs' the contract when a drop of his blood lands on it after it was pricked by Mephistopheles before Johnny could refuse. The next morning Johnny awakes to discover that his father's cancer is cured, but his father dies that same day in a motorcycle crash. Johnny accuses Mephistopheles of causing his father's death, but Mephistopheles considers their contract fulfilled. Years later, Johnny has become a stunt rider famous for surviving disastrous feats.