"Avatar: The Last Airbender" is essentially a re-imagining of "The Phantom Menace".

Here's the premise of the "Avatar" film from wikipedia:

In a world where the four elements can be controlled by people known as "Benders", the Fire Nation is waging a ruthless, oppressive war to control the other great nations. The only hope for stopping the brutal war led by the Firebenders rests on the shoulders of a reluctant young boy named Aang (Noah Ringer). The last known survivor of the peaceful Air Nomads and the Airbenders, Aang is the "Avatar". The "Avatar" is the physical re-incarnation of the world spirit, with the power to manipulate all four elements and draw upon the power, knowledge, and experiences of the Avatar's previous incarnations. The Avatar is responsible for maintaining balance between the four nations of the world and the spirit world, hence keeping the balance of the world. Aided by a protective teenage Waterbender named Katara (Nicola Peltz) and her bull-headed brother Sokka (Jackson Rathbone), Aang begins a perilous journey to restore balance to their war-torn world. Standing in their way are Fire Nation Admiral Zhao (Aasif Mandvi) and Prince Zuko (Dev Patel), the banished prince of the Fire Nation who seeks to capture the young Avatar to regain his honor.

In "The Phantom Menace", an army from the Fire Planet (Mustafar) is about to invade the Water Planet (Naboo). The Air Planet (Coruscant) sends two airbenders to mediate a peace. When diplomacy fails and the Fire Army invades Naboo, these two airbenders rescue the teenaged Water Queen and flee. However, their ship is damaged during their escape, forcing them to land on the Earth Planet (Tattooine). There they meet the miraculous Avatar who will bring balance to the forces (two movies later, this Avatar will be the last airbender). After consulting with the leadership of the Air Planet, the two airbenders and the Water Queen return to the Water Planet and defeat the Fire Army with the help of the Avatar.