- Four people attempt to stop a gigantic crocodile, who is terrorizing residents in Black Lake, Maine.
- Shortly after the horrifying underwater attack in Maine's Black Lake, the local Fish and Game officer, Jack Wells, enlists the help of the New York City palaeontologist, Kelly Scott, to investigate. With only a mangled body as their starting point, Jack and Kelly embark on a dangerous mission to find the mysterious creature, as Sheriff Hank Keough, a mythology professor, and an eccentric inhabitant all want to locate the elusive predator first. But, something deadly is lurking beneath the silent pond, and it's already taken a liking to the juicy human flesh. What is the secret of Lake Placid?—Nick Riganas
- Lake Placid - Well it would be, but; "somebody said that name was taken." At least according to the local Sheriff. When a man is eaten alive by an unknown creature, the local Game Warden (Pullman) teams up with a paleontologist (Fonda) from New York to find the beast. Add to the mix an eccentric philanthropist with a penchant for "Crocs" (Platt), and here we go! This quiet, remote lake is suddenly the focus of an intense search for a crocodile with a taste for live animals...and people!—J.D. Keith <jkeith@compunet.net>
- In Aroostook County, Maine, Fish and Game officer Walt Lawson is scuba diving in Black Lake when he is suddenly attacked and bitten in half by an unknown creature.
The next day, Sheriff Hank Keough, Fish and Game officer Jack Wells, and American Museum of Natural History paleontologist Kelly Scott go to the lake to investigate the incident with mythology professor and crocodile enthusiast Hector Cyr joining them. After Kelly and Hank's canoe is flipped over, they discover a severed human toe and a moose head. Meanwhile, Hank's deputy, Burke, has his head bitten off when his boat is attacked while Wells and Cyr are diving.
The following day, as Hank and Hector argue, a large brown bear arrives, but a gigantic 30 ft (9.1 m) long saltwater crocodile leaps out of the water, snatches the animal in its jaws, and drags it into the lake. After finding Burke's severed head, Jack, Kelly, and Hank witness Delores Bickerman, an elderly hermit living near the lake, feeding a blindfolded dairy cow to the giant crocodile. She reveals that she has been feeding the reptile for years after the crocodile followed her husband Bernie home and eventually killed him two years ago when he got between the croc and a runaway horse. Afterwards, she was placed under house arrest for initially lying to the police.
Hector decides to take Deputy Sharon Gare on a trip in his helicopter and unexpectedly lands it in the crocodile's territory. While he is scuba diving, he is confronted by the creature, but he and Gare escape after distracting it with an inflatable raft. Later, Jack and Hank plan to allow Florida Fish and Game to kill the crocodile when they arrive, but Hector suggests instead that he should lure it out of the water and tranquilize it into unconsciousness. Jack reluctantly accepts the proposal and they use one of Bickerman's cattle, dangled from the helicopter, as bait.
After a few hours, the crocodile soon appears and rears up as it lunges at its prey. Hector pulls up and loses the animal, but crashes the helicopter into the lake. The crocodile comes on land and begins to pursue Jack, Kelly, and the group. Kelly is knocked into the lake by the crocodile's tail, but she makes it into the helicopter in time. The crocodile catches up to Kelly and prepares to make its move, but is itself trapped in the helicopter. Jack grabs a gun and shoots it, but the firearm turns out to be a tranquilizer rifle. As Hector comes out of the water, another crocodile attacks and bites him, but Hank blows it up with his grenade launcher. Soon after, Florida Fish and Game officers arrive, where they load the neutralized crocodile onto a truck and take it to Portland, Maine to figure out what to do with it.
One week later, Bickerman is shown feeding bread crumbs to many baby crocodiles, revealing the two adults were actually a mating pair. The surviving adult crocodile is later seen tied to the back of a flatbed trailer, speeding down a road somewhere.
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