The plot follows an unscrupulous Ukrainian-American man named Yuri Orlov (portrayed by Cage) as he participates in the global arms trafficking industry in the years preceding and succeeding the dissolution of the Soviet Union.

Through a contact at his father's synagogue, he acquires an Uzi and makes his first sale, eventually convincing his reluctant younger brother Vitaly to become his partner in crime.

Meanwhile, an arms deal with a Colombian drug lord ends with the brothers being forcefully paid off with a large shipment of cocaine, to which Vitaly soon develops a severe addiction.

As he illegally supplies Yuri and rebuffs his competition, Dmitri is killed in a car bombing orchestrated by rival arms dealer Simeon Weisz.

Suspicious of his behavior, Ava tails Yuri, unaware that Interpol is tracking her, and discovers the shipping container that holds his illegal office.

Yuri takes Vitaly to Africa to help him during a deal with a Sierra Leonean militia, which is allied with Baptiste and is preparing to destroy a refugee camp.

Unable to quell his distress, Vitaly steals a pair of grenades and destroys a truck full of weapons, also killing Baptiste's son, before he is gunned down by the Sierra Leonean militants.

An agent of the Creative Artists Agency eventually gave Philippe Rousselet, a French film producer, the script in 2004, summarizing it as a "Goodfellas in the world of arms dealing".

As commented by Entertainment Weekly, studios were not eager to finance a film that drew "troubling conclusions" about the role of the American military providing weapons to dictators.

[8] Rousselet reported to Variety that the financing necessary for the film was a mixture of debt taken on with Citibank West, the VIP3 German tax fund, and foreign sales.

The film ranked number three in the opening weekend box office category behind Just Like Heaven and The Exorcism of Emily Rose in the United States and Canada.

[16] The opening scene of the film, showcasing the point of view of a bullet being made and eventually fired out of a rifle, was praised by critics.

[20] Rahul Hamid of Cinéaste stated that the "sensational opening effectively makes the same point that the film will explore ... that violence around the world begins and ends directly at our doorstep.

Ann Hornaday of The Washington Post stated that Cage was cast well for Yuri, writing that "he has the right scale and size to portray a man who isn't meant to resemble anyone real".

[22] Stephen McIntire, writing for Business Record [Des Moines], wrote that Cage's screen persona was a good balance of one-liners and witty dialogue.

In a review by the New York Amsterdam News, written by Natasha Grant, she characterized the narration by Cage as preachy without the audience being given a clear reason as to why they should care, stating the film may have been better as a documentary.

[23] Owen Gleiberman of Entertainment Weekly commented that Lord of War was a trailer, acting as a lecture, and bearing the length of a feature film.

[25] Mick LaSalle, writing for the San Francisco Chronicle, criticized the film for failing to answer questions regarding the logistics of gun-running that it introduces, such as how buyers are found or where merchandise is stored.

He writes that in one particular scene, it appears Yuri is full of such intense self-loathing that he goes on a "booze and drug-fueled binge", but it does not have any narrative effect because he "always recaptures his composure".

CAA Media Finance is handling the United States and Canada rights while FilmNation Entertainment is representing the film's sales in all other territories.