Ace in the Hole tells the story of Chuck Tatum (Douglas), a frustrated former big-city journalist stuck working for a small and simple Albuquerque community newspaper. While trying to work his way back to the big leagues, Tatum exploits a story about a man trapped in a remote cave. He eventually ropes the local sheriff, the victim's wife, his junior reporter, and a host of other characters into an ambitious scheme that ends in tragedy.