As the 1920s begin to roar, business is booming for the Peaky Blinders gang. Tommy Shelby starts to expand his legal and illegal operations, with an eye on the racetracks of the south. Meanwhile, an enemy from Tommy's past returns to Birmingham.

Tommy hatches a plan to take control of the southern racecourses. He also meets the aristocratic May Carleton and sees an opportunity to move up in the world. Meanwhile both Major Campbell and London gangster Darby Sabini plan Tommy's downfall.