The Outer Banks of North Carolina are known as the Graveyard of the Atlantic due to all the shipwrecks in the area, including many pirate ships. Off of one of the islands, Ocracoke, three young divers discover a pirate chest loaded with gold, jewels, and other valuables. While the three are deciding their next move with the treasure, Ben Stone, an accounting professor, and his girlfriend, Sharon Levin, a Philadelphia homicide cop, are at a conference in the Outer Banks. Ben and Sharon become involved with the treasure, Jamaican mobsters, and even murder. What was supposed to be a professional opportunity and a much-needed vacation for Ben and Sharon turns into a race to save both lives and treasure.