Set in the late 1990s, once a year a group of men choose to hunt human targets on a remote island. A developer and his mistress retreat to a getaway cottage where they are taken hostage, brought to the island, and hunted for sport.

When a series of murders in the run up to Christmas are found to be linked, FBI Special Agent Natalie Parker is tasked with tracking a pair of psychotic serial killers that have based their personas on Santa and Mrs Claus. As Christmas approaches, they slaughter their way through their naughty list, playing a cat and mouse game with the FBI and leaving a trail of bloody bodies in their wake.