Former Special Ops Agent John Matrix (Schwarzenegger) is forced out of retirement when a group of mercenaries kidnap his daughter to convince him to take on one last mission.  Their leader is an exiled dictator named Arius (or 'El Presidente' as he calls himself) who wants Matrix to assassinate the leader of a Latin American country so he can take power.

  Never one for negotiation, Arnie escapes from his baby-sitter on the flight out the US and has 11 hours to hunt down those responsible and rescue his daughter before the handler at the other airport figures out that the big guy hasn't shown up.  Following clues from the pockets of various dead bodies along the way, and with a litltle help from a bystander called Cindy, Matrix hopes the trail will take him to the mastermind's Dr Evil-style secret island lair.

Quite easy to guess this one really!  And the dictator was really onto something - why bother to hire a large army or buy nuclear weapons?  Save your money.  All you need is one man - Arnie - to cause WW3 and achieve whatever you want!
  So Schwarzenegger escapes from the cops with the help of his little friend and uses a small seaplane to get to the bad guy's island hideout.
  He flexes his muscles on the rubber dingy out to the shoreline, uses a black marker pen on his face for camoufloage ... but doesn't need it as he struts straight towards the mansion and kills every poor little Spanish soldier without much effort.  His guns tear off thousands of bullets, killing everything in sight, while the bad guys naturally can't get anywhere near him.  Those he doesn't kill outright are blown up ... or he machetes off their forearms.
  Finally inside the mansion, he breaks into every room to find his daughter and kills the big bad guy with the help of a shotgun and a broken window.
  Bennett, his nemesis, has taken the girl to the boiler room but Schwarzenegger tough-guy-talks him into pushing her aside, dropping his gun, and fighting mano-y-mano with just a knife.  They fight a while - the bad guy is electrocuted on a fence, which is quite funny as it really fires him up like a Duracel bunny and makes him a much faster and better fighter!  They fight some more, the bad guy grabs a machine gun .. but Arnie throws a stray pipe through Bennett's gut and into the boiler behind.  He ends that scene with a "that'll help you blow off some steam" type line.  Classic.
  Arnie walks out with his daughter, trades a bad stare with the army colonel waiting outside, then heads off towards his tiny seaplane to enjoy a nice holiday somewhere warm with the family.