Revealing mistake: Near the end, Dundee captures Rico (the bad guy) and changes clothes with him. Dundee is at least 6 inches taller than Rico, yet the traded clothes fit both men perfectly.
Continuity mistake: When the first two baddies are captured they are tied up back to back in the cave. Next time they are seen, they are side by side.
Continuity mistake: In the cave, Sue tells Mick that the rifle has no more ammo, but when she goes to help Mick, she shoots the bad guy with the very same rifle.
Continuity mistake: Near the end of the film Mick Dundee changes clothes with a Columbian drug dealer to lure his accomplice out. The film then shows his old friend taking aim at what he believes is the Columbian, he aims his rifle as you see Mick and the Columbian walking right to left. Mick's friend shoots, hitting his target on the left side. When you next see Mick a few seconds later his right arm is wounded.Dave Fletcher
Continuity mistake: After rescuing Walter in the water, they both get out and they're soaked. When Walter enters the camp, his clothes and his hat are 100% completely dry. There is no way he could've been dried off completely that fast.