Aces: Iron Eagle III movie poster.

Movie (1992)
French title : Aigle de fer 3

Starring:
Louis Gossett Jr. (Charles 'Chappy' Sinclair)
Rachel McLish (Anna Morales)
Paul Freeman (Gustav Kleiss)
Horst Buchholz (Leichman)
Christopher Cazenove (Palmer)
Sonny Chiba (Horikoshi)

Chappy Sinclair discovers a drug smuggling scheme operating between a Peruvian Cartel and a US air force base. Finding officials to be either corrupt or unable to help he decides to destroy the drug cartel's facilities and overthrow their brutal hold over the people of a small village himself. To do this he is joined by three fellow aged aces who, due to a lack of official backing, have to use the ancient, unsophisticated second world war craft they fly at an air show.

Also from this series:

Iron Eagle
Iron Eagle II
Iron Eagle IV

Lockheed P-38J Lightning

Registration N38BP. Formerly USAF s/n 44-23314, c/n 422-4318.
Chappy's aircraft in this movie which is used throughout. At the end of the film it is given to him by its owner. This beauty is currently with the Planes of Fame Air Museum as "23 Skidoo" and is thought to be one of only 6 airworthy P-38's left.
Same aircraft in other movies at Frequently Seen Aircraft (Military Fixed-Wing).

Supermarine Spitfire FR.Mk.XIVc

This Spitfire is flown by Palmer, a British pilot. It is shot down by a Peruvian fighter jet towards the end of the movie. An error is that the registration should consist of two characters then the roundel. This aircraft is currently owned by the Palm Springs Air Museum in California. c/n 6S-648206, serialed N114BP at the time of the shots.
Same aircraft seen in other movies - IMPDb: Frequently Seen Aircraft.

North American P-51A Mustang (acting as a Messerschmitt Bf 109)

Flown by the German veteran Leichman this plane is described as a Messerschmitt 109 but in reality it really is an American P-51 Mustang painted in German livery. The plane is shot down by Kleiss's "Messerschmitt 263" at the end but Leichman manages to successfully bail out from it.
North American P-51A Mustang (s/n 43-6251, N4235Y).

Modified North American T-6, aka "Tora Zero"

This plane is flown by the Japanese 'ace' Horikoshi and is described as a Mitsubishi Zero but it really a North American T-6 Texan heavily modified for the movie "Tora! Tora! Tora!" to look and fly like the Zero. The plane becomes heavily damaged after being shot at and rather than crash into the ground Horikoshi pulls a Kamikaze move and flies straight into the C-123 of the villainous General Simms destroying both aircraft.

Fairchild C-123K Provider

This aircraft is the one used by the cartel to smuggle cocaine into an American airbase. At the end of the film it is commandeered by the General Simms who is in league with Kleiss but he fails to get away as Horikoshi flies into him.

Fairchild C-123 Provider, s/n 54-0565

Scaled Composites ARES (acting as a Messerschmitt 263)

Described as a Messerschmitt 263 (!) (what Leichman describes as the plane that would have won Germany the war) but that model never made full production. Instead it is a prototype aircraft named the RUTAN/Scaled Composites ARES. The villain Kleiss uses this to get away but it is eventually shot down by Chappy in the P-38.