In Kounterfeit, the two small-time criminals, Travis and Wendell, decide to trade in their stash of counterfeit bills for real money. Travis has been dreaming of the high life, and sees this as their chance to make it big. With the help of a corrupt banker, they arrange to meet a man named Smith who claims to have connections to a Mexican drug lord with millions of dollars to launder.
At the rendezvous, things quickly go wrong. Smith is killed by a hit man sent by the drug lord, and Travis and Wendell just manage to escape with their lives. They flee with the money, but soon realize they have made a fatal mistake. The bills they have are marked, making it impossible to spend them without being caught.
With no other options left, the two men decide to find a way to exchange the counterfeit cash for real money. They turn to Travis's estranged uncle, a retired con man, for help. However, their plans are foiled by the police, who have been tracking their every move.
As the body count rises, Travis and Wendell find themselves caught between the police, the hit men, and a vengeful sister of one of their victims. They must use all their wits and street smarts to survive and come out on top, but in the end, they find out that crime never pays.