The demon Mephistopheles sends his bounty hunter, the Ghost Rider, to retrieve the contract of San Venganza for control of a thousand dark souls. Seeing that the agreement would give Mephistopheles the power to bring hell on Earth, the Rider refuses and escapes with it. In 1986, Mephistopheles reaches out to 17-year-old Johnny Blaze, offering to cure his father’s cancer in exchange for Johnny’s soul.
The next morning, Johnny awakens to discover the cancer cured, but his father dies later from burns sustained in a stunt accident. Johnny accuses Mephistopheles of causing his father’s death, but Mephistopheles considers his side of the contract fulfilled and promises to see Johnny again.
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In the present, Johnny has become a famous motorcycle stuntman. He runs into his former sweetheart Roxanne Simpson, now a news reporter, whom he abandoned after his father’s death. He convinces her to attend a dinner date. Meanwhile, Mephistopheles’ son Blackheart comes to Earth and seeks aid from the Hidden (three fallen angels bonded with the elements of air, earth, and water) to find the lost contract of San Venganza.
After killing the water angel Wallow, Johnny gives Blackheart the contract. He transforms into the Ghost Rider to subdue Blackheart, but is rendered powerless at sunrise. Using the contract to absorb the thousand souls, Blackheart, now calling himself Legion, attempts to finish Johnny off, but is distracted when Roxanne uses Johnny’s shotgun to separate them. Johnny shoots Blackheart with the gun, holding it in the shadows to allow him to enhance it with his power.
Keeping his own body in shadow, he transforms again and uses his Penance Stare to render Blackheart catatonic by burning all the corrupt souls within him. Mephistopheles appears and declares the contract is complete, offering to take back the curse of the Ghost Rider. Determined not to let anyone else make another deal, Johnny declines, declaring that he will use his power against the demon and against all harm that comes to the innocent. Infuriated, Mephistopheles vows to make Johnny pay and disappears with Blackheart’s body. Roxanne tells Johnny that he has his second chance and kisses him. Johnny rides away on his motorcycle, preparing for his new life as the Ghost Rider.
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