Mr. Freeze seeks revenge against Batman for knocking a beaker of Instant Freeze on him during a past fight, an accident that has rendered Freeze incapable of going out in public without a special air-conditioned suit and forces him to live in a super-cooled house designed to keep his body temperature at a frosty 50 degrees below zero. Freeze begins his rampage of revenge by heisting some famous diamonds ("ice" in the criminal vernacular!) from The Gotham City Diamond Exchange. In The Batcave, Batman perfects an anti-freeze pill which, as he tries it out in a Deep-Freeze Cabinet, sadly, fails to do the trick in extreme cold. Then, on a tip from Commissioner Gordon, The Dynamic Duo, knowing Freeze's predilection for "ice," speed to The Exchange by Batmobile, but their attempt to nab Freeze is foiled when gang members Chill, Nippy and Mo release 5 Batman and Freeze decoys.
After the resulting confusion in The Exchange by The Dynamic Duo between The Batmen and Misters Freeze gives the true Freeze and his lackeys carte blanche to scram, The Caped Crusaders next try to prevent Freeze from stealing The Ghiaccio Circolo (Circle of Ice) Diamond, which belongs to the visiting Princess Sandra of Molino (a/k/a Sandra Carlson of Brooklyn). Freeze sets The Princess' curtains on fire with his flame-gun and darts out with the hot rock while Batman and Robin battle the flames. In a flash The Duo are out the window and down The Batrope to intercept Freeze at his Amalgamated Ice-Cream Company truck below, but the cold-hearted criminal zaps them into human icicles with his horrible ice-gun and gets away!!