A "cowboy," Joe Buck, moves to New York City from Texas to make his fortune as a hustler servicing rich Park Avenue women. Shortly after arriving, he is hustled by homeless con man Ratzo Rizzo, who had said he would manage him for a $20 fee. Bent on getting his money back, Buck finds the rapidly deteriorating Rizzo, ends up feeling sorry for him, and moving into Rizzo's room in an abandoned building to care for him. The two remain hopeful of striking it rich with Rizzo managing Buck's career, but it soon becomes obvious that they are no match for the urban jungle.

Joe Buck (Jon Voight), an aspiring male prostitute from Texas, heads to Manhattan where he hopes to find plenty of wealthy women willing to pay for the services of a handsome man. When he arrives, the naive country boy befriends Ratso Rizzo (Dustin Hoffman), a tubercular homeless con artist who dreams of moving to Florida. As they go about trying to get the money Ratso needs, the two men confront the seediness, corruption, and cruelty that flourish in the big city.

Based on the novel by James Leo Herlihy, this Oscar-winning film (Best Picture, Best Director, and Best Adapted Screenplay) features brilliant performances by Voight and Hoffman, and brings to the screen an unusually gritty realism in its portrayal of the streets of New York City.