One Breath from Drowning tracks the foundering relationship between Ryan Jensen, a lapsed Mormon from Utah and heretofore closeted aspiring actor, and Sam Carter, a cocky party- and surf-loving Australian realtor whose family connections and wealth have buffered him from the most severe consequences of his impulsive nature and poor decision-making. Their genuine yet tumultuous love is strained by their tendencies for self-deception and avoidance, their secrets and their baggage, and the ways their past choices haunt their present.

The two men find moments of joy and humor together in Sydney, but arrests, infidelities, and addictions force them to finally face the issues holding them back. Though it initially presents as a love story, One Breath from Drowning is a tale of spiritual bildungsroman told in parallel. Ryan and Sam's conflict and love ultimately push each of them to evolve, their transformation not the result of reckless acts of escape but the product of the fitful and difficult work of grappling with their complex realities.