Vicious immortal Kane (Van Peebles) has been buried alive for 400 years but now archaelogist Alex Johnson (Unger) is excavating the caves where he lies. Now freed, Kane hunts Connor MacLeod to kill him, thus becoming the last immortal and claiming the mystical Prize that fate brings.
It can't be much of a prize, though, as Connor believed he had it and yet didn't. And equally there are plot touches that are just nonsensical, but overall this is a far superior film to "Highlander II" - which it ignores utterly.
Like the original movie, this one conveys the sheer weight of years on the back of the immortal MacLeod, and the almost elemental battles between right and wrong happening alongside trivial mortal concerns.
But while being faithful to the original pays off and makes this a better movie, it also just means that it is really a copy of the first one. There is yet another nasty immortal out to kill our man and a nice immortal who advises MacLeod before dying.
What it can't copy is the first movie's sense of surprise: we're never jolted by any of the sword fights here as we were with the original's broadsword battle in a carpark.
It really feels as if the "Highlander" story has no more to give us - but that would be very wrong. Perhaps the best thing this third movie did was promote the generally better TV series.