| Director | Scott Derrickson |
|---|---|
| Budget | $30 million |
| Box office | $132 million |
In 1982, four years after Finney Blake killed the Grabber, his sister Gwen begins having dreams where she sees murders that happened at Alpine Lake Camp in 1957. During one, she receives a call from her mother Hope, who at the time of the 1957 murders was having similar dreams. Gwen convinces Finney and Ernesto, the brother of the late Robin Arellano, to travel to Alpine Lake Camp. A heavy blizzard traps them there with the camp owner Armando, his niece Mustang, and two camp employees, Kenneth and Barbara. The three kids begin investigating what Gwen's dreams might mean.
On the second night, Finney receives a call on the camp's dead payphone, this time from the Grabber. Claiming to have escaped from Hell, the Grabber vows revenge, blaming Finney for forcing him to kill his own brother and for ending his life. Moments later, Gwen is violently attacked in her dream by the Grabber but Finney, Ernesto, and Mustang manage to save her. The shaken group gathers in the camp's chapel, where Armando and the others realize they must find the bodies of the Grabber's victims from Alpine Lake Camp to loosen his power over the dream realm. The group deduces that the bodies are beneath Lake Maru.
As they investigate further, they discover that Armando, Hope, and the Grabber had all known each other at the camp long ago. That night, Gwen dreams of the Grabber; he reveals Hope did not commit suicide and he actually killed her, staging it to look self-inflicted. He then attempts to kill Gwen, with her injuries sustained in the dream manifesting in reality. She manages to gain power in her dream and fight back before being woken up by Finney and Ernesto. Meanwhile, Armando is searching for the boys' bodies. The next day, Finney's and Gwen's father Terrence arrives, having borrowed a snowplow to get there. Gwen confronts both Terrence and Finney on their abuse of alcohol and drugs to avoid thinking about their traumatic pasts. They decide to stay to defeat the Grabber and put the murdered boys to rest.
Later, joined by Kenneth and Barbara, the group returns to the frozen lake to recover the three missing boys. Gwen prays to stay alive and succeed in her mission to find the boys. As they search, Gwen falls asleep again and is attacked by the Grabber. The Grabber also attempts to murder Finney, Terrence, and the others present. During the struggle, Gwen locates the boys' bodies beneath the ice, removing the Grabber's power. Finney, Gwen, and the spirits of the murdered boys attack the Grabber, and he is dragged beneath the frozen lake. The next day, as Gwen, Finney and Ernesto prepare to leave, Gwen answers a call on the payphone, in which Hope tells Gwen that she is proud of her.