In an alternative reality where superheroes have profoundly influenced the political history of the United States, most masked vigilantes have disappeared or been forced to abandon their activities. When one of them, the Comedian, is found dead, Rorschach suspects that a plot has been committed against former heroes. His investigation leads him to reconnect with several figures from the past, including the Hibou, the Soybean Spectre, Ozymandias and Doctor Manhattan. As international tensions bring the world closer to a nuclear catastrophe, their personal stories and choices reveal a much more complex view of heroism, power and price for peace.