It's not the whole thing, but we finally have some idea of the plot.
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Following the hiring of Edgar Ramirez to play the role of Atlas in the upcoming Borderlands film, a press release by Lionsgate finally revealed the plot synopsis to the public. Atlas is the name of one of the most powerful corporations in the Borderlands universe. The press release says that Ramirez will play "business titan and manufacturer" Atlas. He is said to be "the most powerful person in the universe."

Throughout the games, Atlas was never really seen. However, the corporation played a fairly big role in the games, especially in Borderlands 3. Part of that game takes place on Promethea where Atlas has its headquarters located.

Here is the plot synopsis for the Borderlands movie as detailed by Lionsgate.

Two-time Academy Award® winner Cate Blanchett teams up with Kevin Hart in director Eli Roth’s Borderlands. Lilith (Blanchett), an infamous outlaw with a mysterious past, reluctantly returns to her home planet of Pandora to find the missing daughter of the universe’s most powerful S.O.B., Atlas (Ramirez). Lilith forms an alliance with an unexpected team – Roland (Hart), a former elite mercenary, now desperate for redemption; Tiny Tina (Greenblatt), a feral pre-teen demolitionist; Krieg (Munteanu), Tina’s musclebound, rhetorically challenged protector; Tannis (Curtis), the scientist with a tenuous grip on sanity; and Claptrap (Black), a persistently wiseass robot.

These unlikely heroes must battle alien monsters and dangerous bandits to find and protect the missing girl, who may hold the key to unimaginable power. The fate of the universe could be in their hands – but they’ll be fighting for something more: each other. Based on the game from Gearbox and 2K, one of the bestselling videogame franchises of all time, welcome to Borderlands.
If nothing else, this entire film is going to be odd. Real odd.