Fred (Humphrey Bogart), Howard (Walter Huston), and Bob (Bob Curtin) are three American prospectors in the lawless, wild, and dangerous countryside of post-Revolutionary Mexico. Hoping to strike it rich by mining the legendary Sierra Madre, they set out into the wild only to be attacked by gangs of bandits. Surviving by relying upon the wits of the old-timer Howard, the three men slowly begin to cooperate to find the gold. When the gold is found, the cooperation changes, as individual greed sets in. Fred begins to mistrust everyone and everything, slowly descending into paranoia as his lust for the entire treasure becomes his only motivation. Fred begins to consolidate his position and power, by shooting Bob when Howard is away from camp. Fred takes the treasure and rides off only to be killed himself by another gang of bandits who disperse the gold dust to the winds. Howard later helps Bob to recuperate and the two survivors of the learn that the true Treasure of the Sierra Madre is to survive it.