For years, old wood carver Mr. Meacham (Robert Redford) has delighted local children with his tales of the fierce dragon that resides deep in the woods of the Pacific Northwest. To his daughter, Grace (Bryce Dallas Howard), who works as a forest ranger, these stories are little more than tall tales… until she meets Pete (Oakes Fegley). Pete is a mysterious 10-year-old with no family and no home who claims to live in the woods with a giant, green dragon named Elliot. And from Pete’s descriptions, Elliot seems remarkably similar to the dragon from Mr. Meacham’s stories.

Grace sets out to determine where Pete came from, where he belongs, and the truth about this dragon.