Highlander III: The Sorcerer (1994)

"Centuries ago one man was chosen to protect all that is good. But an enemy from the past has traveled through time to challenge him in the present."

Starts off in the 15th century, with Connor McLeod training with another immortal swordsman, the Japanese sorcerer Nakano. When an evil immortal named Kane kills the old wizard, the resulting battle leaves him buried in an underground cave. When Kane resurfaces in the 20th century to create havoc, it's up to McLeod to stop him.