Real-life siblings Beau and Jeff Bridges star as the eponymous Fabulous Baker Boys. Musical prodigies both, the Bakers have long been teamed as a twin-piano act, with the less talented Frank (Beau Bridges) coasting on the skills of his brilliant younger brother Jack (Jeff Bridges).
Their career dwindling to nickel-and-dime dates in second-rate clubs, the Bakers decide that they need a female vocalist to boost their popularity. They select auditioner Susie Diamond (Michelle Pfeiffer), who in addition to being a gifted songstress is drop-dead gorgeous.
The newly renovated Baker Boys act scores a success, which is inevitably threatened by Susie's growing popularity and by Jack's insistence upon pursuing an affair with the girl.