Aces: Iron Eagle III (1992)

Chappy Sinclair is back. This time he tries to help a woman, whose South American village has been taken over by a former Nazi, who is now a cocaine dealer and who uses her village as his base of operations. She manages to escape and goes to the States and meets up with Chappy. When Chappy tries to get help from the Air Force, he discovers that the General he is speaking to, is the Nazi's partner. So, he along with three ageing pilots, take some vintage fighter planes and go there to try and help.