Lost Planet 3 introduces Jim Peyton, a rig pilot who leaves Earth to take on a hazardous but lucrative contract on E.D.N. III. Working for Neo-Venus Construction (NEVEC), Jim is one of the few pioneers on the Coronis base, exploring the uncharted territory and acquiring samples of the planet's natural energy source - Thermal Energy, which NEVEC believes will save Earth's energy crisis.

As the months pass, it becomes apparent that things are not as they seem on E.D.N. III. Who is the mysterious figure that seems to be watching Jim's every move? What secrets is NEVEC's base command, Braddock, hiding, and can Dr. Roman help Jim uncover the truth before it's too late?

Lost Planet 3 offers a mix of action both inside and outside Jim's utility rig. Acting as a second home and providing protection from the ever-changing climate, Jim soon discovers that the rig's range of tools is just as useful for eliminating the Akrid as fulfilling his contract.

Outside the rig, action switches to third-person with Jim being at the mercy of the elements. He will need to battle against hostile adversaries using a combination of shooting and melee combat, all while surviving everything thrown at him. With multiple multiplayer modes and an appealing single-player experience, Lost Planet 3 will delve deeper into the Lost Planet universe, uncovering hidden truths within the unique and dynamic environment of E.D.N. III.