The plot has been explained well enough by the other reviewers. Porel and Lovelock are basically lower class James Bond homologues: pretty boy fashion plates who kill, screw and bully without regret, knowing they can do so because they're on the right side of the law. This leads to some entertaining sequences (the opening chase - in which they do not run over the guide dog, the villains do that, but they do zoom past the distraught blind man and just leave him to his fate, the quarry shootout, the prevention of the bank robbery, the hostage situation). But there's no real strength to the narrative, the heroes are astoundingly unlikeable and never taken wholly seriously. And they are incompetent at heart: the dud finale (which only works as a very ironic grace note) shows just how hopeless they really are at what they do. There's also the scene in which they interrogate the sister of the bad guy, and she voraciously forces them to have sex with her, leaving them totally exhausted. The violence is rough and cruel, yet the gore is lessened because the blood is of the thick red paint variety so beloved of early 1970's filmmakers. Also, one bad guy is shot through the head from behind and has a larger exit wound than usual (nothing too extreme though), but when he tumbles down there is no entry wound at the back of his head... Not a classic, not really enjoyable, but a movie with a few effective/cool scenes which would work well in a best of- compilation.
Review of Live Like a Cop, Die Like a Man
