In the affluent suburbs of Connecticut, two former childhood friends, Lily and Amanda, reconnect after years of growing apart. Lily is now a polished upper-class high schooler, while Amanda has developed a rebellious streak. Despite their differences, they bond over their shared hatred for Lily's stepfather, Mark. As they spend more time together, their friendship evolves into a sinister plot to eliminate Mark and solve both of their problems. They hire a local drug dealer, Tim, to carry out their plan, but things don't go as expected. The girls must confront the consequences of their actions and face the darker aspects of their own personalities.

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Some movies that have similar genres and were produced around the same time as Thoroughbreds include The Hunger Games: The Ballad of Songbirds and Snakes, Anatomy of a Fall, Last Seen Alive, Killers of the Flower Moon, Under the Skin, Saltburn.