This western tale is based around the life of one of the youngest and most popular outlaws in history, Willam H. Bonney, aka Billy the Kid (Emilio Estevez, joined by his brother Charlie Sheen in their first on-screen appearance together). British ranchowner John Tunstall (Terence Stamp) recruits young men off the streets, provides them with food and shelter while teaching them to read and write. Tunstall is also a competitor of rich ranch owner Lawrence Murphy (Jack Palance), and when Tunstall refuses to sell his land to Murphy, he is brutally murdered by Murphy's men. The 6 young men under Tunstall's care are then made lawmen named The Regulators, and have sworn to bring the murderers to justice. But Billy has his own plans for the men who killed their father-figure - gun them down, one by one. Due to Billy's actions, The Regulators are soon branded outlaws, wanted dead or alive.

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