Factual error: There is a shot with Wesley Snipes and Gary Busey aiming one another just to pull the triggers and discover that the guns are out of ammo. In fact, after the last shot (of the pistol, not the movie) the slide of a semi automatic pistol is retained open by the empty magazine, and doesn't return forward as we can see in the shot (of the movie, not the pistol). The reverse mistake is very common in movies, when the armorer loads just one round to be shot (in the movie as well as the gun) and the actor keeps fighting or menacing with an unloaded, breech opened gun.
Deliberate mistake: After the scene where Snipes gets an ID on Jagger from the little girl, one of the officers calls to inform Busey, "A scar under his right eye", yet you can see him form the word "left". I guess "right" was dubbed in to save a re-shoot.
Continuity mistake: At the marina, where the villains are discussing their plans, the same boat goes by twice in the background.
Visible crew/equipment: During the party scene before the jump competition, while the guy in the teal jumpsuit is talking, you can clearly see a cameraman with a Steadicam in the crowd close to the stage.
Deliberate mistake: In the beginning hijack scene after Terry gets shot, he shoots Ty in the back. In other scenes previous to this, and mentioned by Pete, all the hijackers had on parachute packs. However, Ty is not wearing one as he should be.
Continuity mistake: When Bobby and the other guy drag Selkirk out of the water, on the left you can see Jesse joining them to help. In the next shot, Jesse is now running frantically towards them to assist.
Deliberate mistake: Just before landing on the police headquarters roof, the 'hijackers' are shown in semi-sunlight right after jumping out of the plane, probably to show how many jumpers there were. The immediate scene afterwards, they are all shown in pitch blackness coming in close to the building, and then landing on the roof.
Continuity mistake: Right after Swoop tackles Earl, Pete is laying on the gurney with his hands on his stomach and the yellow straps across his chest. In the next shot, he is covered up to his neck by a blue blanket, with no time in between to have this happen.