Based on the short story by Philip K. Dick, "Paycheck" is about world famous genius Michael Jennings, who does specialized projects for high-tech corporations. Once a job is complete, his memory is erased so as not to divulge any company secrets.

Highly paid for his work, Jennings expects to earn $4.4 billion for his latest 5-year project, but upon completion of the job, instead of a big paycheck, he is given an envelope full of random objects and told that he has agreed to forfeit all payment.

With his memory erased per usual, Jennings has no defense, until he discovers that the objects are clues to his past.

Now, with the help of Rachel, the woman he has worked with and loved for the last three years, Jennings is in a race against time to put the pieces of his past together before the people he once worked for have him killed.