Megan Turner (Jamie Lee Curtis) is a rookie cop who witnesses a robbery in progress on her first night on the job. With her more experienced partner using the men's room, Megan decides to take action on her own. She creeps into the supermarket where a man (Tom Sizemore in a small role) is holding the clerk at gunpoint.
Megan gets close enough to shoot the gunman, and calls out for him to drop his weapon. He spins the gun toward her, and she unloads her service revolver into his chest. His gun goes flying, and a bystander, Eugene Hunt (Ron Silver), surreptitiously picks it up and takes it home.
Megan's superiors, unable to confirm that the man she shot was armed, suspend her. Eugene, a wealthy commodities broker, becomes obsessed with Megan. He sets up an accidental meeting between them and begins dating her, romancing her with fancy restaurants and helicopter rides over Manhattan.
He also carves her name into the bullets he uses to gun down strangers in the street. A tough homicide detective, Nick Mann (Clancy Brown of The Shawshank Redemption), gets Megan's gun and badge back so she can help him track down the psycho killer.
Eventually, Megan realizes that Eugene is the killer, but he uses his money and influence to elude the law, and he starts coming after Megan's friends and family. Megan's determination to bring Eugene to justice quickly becomes a very personal obsession.
This intense cop drama, Blue Steel, was director Kathryn Bigelow's major studio follow-up to her well-received indie vampire flick, Near Dark. Bigelow co-wrote both films with Eric Red (The Hitcher).