Sacked from his job at a big newspaper, reporter Chuck Tatum (Douglas) resorts to taking a job on a small New Mexican paper. Whilst traveling to cover a local event, he literally stumbles across the story that can re-launch his career and goes to great lengths to ensure that he gets exclusive access. The subject is the unfortunate Leo Minosa (Benedict) who has become trapped after a cave collapsed and he is unable to escape.

In a film that seems even more pertinent today than it did in the 1950s, the whole media institution is taken apart, examined, and condemned, along with those who come along for the ride. When a good story is pursued to the detriment of the subject, the rules governing common decency are flouted and the news is no longer simply the news; it is a from of entertainment. This is the case in Ace in the Hole; the story has all the human interest elements that will guarantee it extended headlines but, in order to prolong the public interest and ensure his return to the big time, Chuck needs Leo to remain trapped in the cave for as long as possible. The relatively quick recovery option is therefore eschewed in favor of a much lengthier rescue plan, jeopardizing the man's health but keeping the assembled public and press more than happy.

Wilder's film is a brave and blatant attack on the media, which, not surprisingly, won him little praise or acclaim at the time of its release.