Exiled is a story of two gunmen from Hong Kong who are sent to execute a renegade member trying to turn over a new leaf in Macau. They are thrown into a dilemma when two of their former comrades also show up, intent on thwarting their mission.

It turns out the five of them used to be buddies-under-fire in another mission years ago. When the mission appeared to be accomplished, one of them was discovered to have betrayed their boss and the others were asked to eliminate him. They let him escape in the end.

While the four former comrades are reminiscing and negotiating what to do with the buddy whose life they have spared once before, a fifth gunmen suddenly appears out of nowhere and takes the renegade out instead.

A final showdown ensues amongst the five gunmen.