In the 19th century, a young boy named Charles watches as his family is slaughtered by a werewolf. Before dying, Charles' mother gives him a silver amulet of a howling wolf head, which belonged to his grandfather, who was a Great Hunter of werewolves. Charles escapes death by activating a trap which causes a chandelier to fall and kill the attacking werewolf. Twenty-five years later, Charles is a werewolf bounty hunter, working alongside a band of other hunters to rid the world of all werewolves. Werewolves in this fictional world can inflict lycanthropy. Infected individuals are typically shot in the head, after which their bodies are burned. Werewolves are usually only able to transform during the full moon. Charles and company receive an offer to hunt down a particularly vicious werewolf of a new breed. This new type of werewolf is able to transform three nights in a row.
Daniel, a young man apprenticed to the town doctor, has been studying the werewolf's victims to understand how it is behaving. When Charles and company arrive, Daniel witnesses Charles expose a scam being run by a competing werewolf bounty hunter named Jaeger (German for "Hunter") on the townsfolk. Impressed, Daniel offers his assistance to Charles, who politely declines his offer. Daniel persists until Charles gives in and agrees to let Daniel help him hunt down the werewolf. Eva, Daniel's rich girlfriend, tries to talk him out of hunting the werewolf and into accepting an offer to study at the medical college in the city, but fails. Stefan, a well dressed and handsome companion of Charles, flirts with Eva, much to Daniel's annoyance.
During the next full moon, Jaeger and some friends try to poach the werewolf from Charles' group, but instead they are tricked into triggering all of the traps that Charles and company had carefully prepared earlier. In doing so, the werewolf reveals that it is as intelligent as a person instead of the mindless animal that werewolves usually are. Charles and Daniel are told by the local gypsy leader that this new werewolf will soon be able to transform at will. The townsfolk have lost faith in the bounty hunters, and decide to take matters into their own hands. The town constable has established a list of people who have insufficient alibis to not be the werewolf, so some of the townsfolk lock them in jail. Daniel's mother Vadoma is locked away, as are Eva's father and the town constable, and placed under armed guard.
The next night, the constable has an epileptic fit, and is shot by the frightened guards. Now panicking, the guards shoot and kill all of the prisoners except for Vadoma and the local gypsy leader. Vadoma manages to escape from her cell. In the nearby ruins, Jaeger, who narrowly survived the previous night, is used as bait in a new trap by Charles. The werewolf battles Charles and his companions and wins, but decides not to kill them, much to everyone's confusion. Daniel, who has become increasingly haunted by nightmares of a werewolf, wakes up the next morning with injuries matching those sustained by the werewolf the night before. Daniel is horrified to discover that he is the werewolf and confronts his mother, who tries to convince him to flee with her. Daniel refuses to leave the town, and instead makes his way to town.
Charles suspects that Daniel might be the werewolf and asks the doctor a few questions, which confirms his suspicions. He then confronts Daniel, who begs Charles to kill him. Instead, the Doctor shoots Charles from behind, and confesses to training Daniel to hunt and kill people. Horrified, Daniel flees to Eva's house, where she is being assaulted by Stefan. Stefan and Daniel fight to a stalemate, despite Daniel's werewolf strength. Stefan ambushes Daniel and knocks him out when he leaves Eva's house. That night, Stefan puts Daniel on display for the townsfolk to see him transform. Daniel transforms, breaks free of his shackles, and flees. Vadoma, pleading with the townsfolk to spare her son, is killed by mistake.
Stefan and Daniel battle it out in front of Eva, and it is revealed that Stefan has been infected with vampirism over 100 years ago, granting him unnatural strength and toughness. Daniel impales Stefan on a spike, causing Stefan's body to disintegrate. The Doctor appears and orders Daniel, who is still in werewolf form, to kill Eva. Instead, Charles, who has been absent since being shot, appears and shoots the Doctor from behind. Daniel turns back to normal, and Charles lets him go and gives him his silver amulet, telling Daniel that he is the hunter now. Eva and Daniel kiss passionately, while Charles and crew walk away.