Colonel Steve Austin, astronaut and test pilot, is badly injured when he crashes while testing an experimental aircraft. A covert government agency (OSI) is willing to pay for special prosthetics to replace the eye, arm and both legs he lost in the crash. Highly advanced technology (bionics) built into them will make him faster, stronger and more resilient than normal. In return they want him to become a covert agent for the OSI. It will cost $6,000,000 to rebuild Steve Austin.

A criminal organization known as OSO specializes in kidnapping high ranking U.S. representatives. Although Steve Austin has already thwarted one of their kidnappings, he is unable to stop them from grabbing William Henry Cameron right from under OSI's nose. OSO demands one million dollars in gold and Oscar Goldman takes the opportunity to try and lure them out into the open. Meanwhile, Steve accompanies Dr. Erica Bergner, who is testing a new method of brain transferal in order to find out where Cameron is being kept.

After Col. Steve Austin fails to retrieve the contents of a safe owned by arms dealer Arlen Findletter, he accepts an offer of a holiday in the Bahamas. There he runs into Soviet Agent Alexi Kaslov and his lovely assistant Katrina Volana, who also happen to be out to find Findletter. Is it a coincidence, or was Steve's trip all part of one of Oscar Goldman's missions?