The most captivating real-life stories are those that seem too unbelievable to be true.

This is exactly the experience you’ll have watching Peacock’s “Fight Night: The Million Dollar Heist” (streaming Thursdays, ★★★ out of four), which presents a dramatization of a robbery executed by masked men at a party organized by the “Black Mafia” in 1970 Atlanta. The criminals held gangsters at gunpoint and made off with their money and jewels during an afterparty celebrating Muhammad Ali’s comeback against Jerry Quarry. It’s reminiscent of a less charming Ocean’s Eleven crew robbing Tony Soprano, who then seeks vengeance amidst the racial tensions of the 1970s South. And the astounding part? This is all based on real events.

With an impressive cast featuring stars like Kevin Hart, Don Cheadle, Taraji P. Henson, Terrence Howard, and Samuel L. Jackson, “Fight Night” delivers an ambitious storyline with numerous characters. It takes some time to gain momentum but really picks up in the second episode. Once everything falls into place, creator Shaye Ogbonna (“The Chi”) builds a riveting crime drama full of intense emotions and graphic violence.

Don’t expect a run-of-the-mill heist narrative; this isn’t a lighthearted adventure. The robbers are the villains here, engaging in actions that lead to a wave of violence within the Black criminal underbelly. Instead of siding with the thieves, the audience finds themselves rooting for Gordon “Chicken Man” Williams (Hart), a small-time hustler who organized the ill-fated afterparty with his partner Vivian (Henson). Chicken aimed to show his potential to powerful mobsters like Frank Moten (Jackson), but things spiral out of control. Though Chicken had no part in the robbery, convincing his bosses of his innocence proves challenging. Now, he must uncover the real thieves before Moten tracks him down.

Detective J.D. Hudson (Cheadle) is also on the case, one of the first Black officers in an integrated Atlanta police force who struggles to find acceptance from both his white peers and the Black community he serves. Initially assigned as a bodyguard for Ali (Dexter Darden), Hudson finds himself protecting the boxer from a town that rejects him. Some of the show’s best moments occur in intimate dialogues between Hudson and Ali, two men from contrasting worlds who each harbor vastly different views on their Black identities.

The heart of “Fight Night” lies in the heist and its devastating consequences, serving as a chilling reminder that armed robbery isn’t the glamorous escapade that movies like Ocean’s Eleven portray. The aftermath is filled with anguish, trauma, and death as Moten unleashes chaos on Atlanta. Unlike some productions that attract A-list stars yet fail to utilize their talents effectively, “Fight Night” does not squander the performances of Jackson and others, providing them ample opportunity to shine.

Henson delivers a remarkable performance, portraying a character who dresses distinctively like her memorable Cookie Lyon from Fox’s “Empire,” but exhibits a much quieter demeanor than usual. She’s capable of subtlety just as well as boldness. Hart incorporates his comedic flair into Chicken, though his humor is dark as he confronts the reality of his dire situation.

To make a limited series resonate, it takes more than just an unbelievable true story; it must also have well-developed characters and meaningful context. “Fight Night” skillfully intertwines these elements after a gradual start, establishing itself as one of the year’s most engaging series.

You might not cheer for the criminals this time, but you won’t be able to take your eyes off the turmoil they unleash.