A firearm projectile includes a precision-machined outer component having a generally cylindrical body, a tip at the forward end of the body, a base at the rear end of the body, and a precision-machined cavity machined into the outer component. A precision-machined inner component is pressed into the cavity. The outer component includes a homogenous material that is softer than firearm barrel steel. The inner component includes a material having a higher density than the outer component and a higher density than an armor plate, such as solid tungsten, tungsten carbide and potential some Nanotechnology materials such as NanoSteel.TM.. A cap may be attached to the outer component to seal the inner component inside the cavity. The cavity can be machined from the front or rear end of the outer component. The cap fits into the rear of the projectile or may be a bullet tip. The cavity and the inner component may be cylindrical or tapered.