We present observations of CO(3−2) in 13 main-sequence z = 2.0 − 2.5 star-forming galaxies at log(M * /M ) = 10.2 − 10.6 that span a wide range in metallicity (O/H) based on rest-optical spectroscopy. We find that L CO(3−2) /SFR decreases with decreasing metallicity, implying that the CO luminosity per unit gas mass is lower in low-metallicity galaxies at z ∼ 2. We constrain the CO-to-H 2 conversion factor (α CO ) and find that α CO inversely correlates with metallicity at z ∼ 2. We derive molecular gas masses (M mol ) and characterize the relations among M * , SFR, M mol , and metallicity. At z ∼ 2, M mol increases and molecular gas fraction (M mol /M * ) decrease with increasing M * , with a significant secondary dependence on SFR. Galaxies at z ∼ 2 lie on a near-linear molecular KS law that is well-described by a constant depletion time of 700 Myr. We find that the scatter about the mean SFR−M * , O/H−M * , and M mol −M * relations is correlated such that, at fixed M * , z ∼ 2 galaxies with larger M mol have higher SFR and lower O/H. We thus confirm the existence of a fundamental metallicity relation at z ∼ 2 where O/H is inversely correlated with both SFR and M mol at fixed M * . These results suggest that the scatter of the z ∼ 2 star-forming main sequence, mass-metallicity relation, and M mol -M * relation are primarily driven by stochastic variations in gas inflow rates. We place constraints on the mass loading of galactic outflows and perform a metal budget analysis, finding that massive z ∼ 2 star-forming galaxies retain only 30% of metals produced, implying that a large mass of metals resides in the circumgalactic medium.