Batman and Robin deduce that a backwards puzzle sent by the urbane Puzzler in a toy plane through Commissioner Gordon's window is a reference to Artemus Knab, a multibillionaire staying at the Gotham Arms hotel. Solving the puzzle, The Caped Crusader concludes The Puzzler is after Knab, and, with The Boy Wonder, rush by Batmobile to his penthouse apartment, where the billionaire rebuffs The Dynamic Duo, claiming to be working on a legit deal with The Puzzler for a puzzle baloon business. Returning to The Batcave with a sample puzzle baloon given by The Puzzler to Robin, The Dynamic Duo learn Puzzler and his gang (Blimpy, Glider, Ramjet, and Rocket O'Rourke, an aspiring movie actress) plan to strip Knab and his guests of all their jewels at the christening of The Retsoor, the multibillionaire's supersonic plane.

Sadly, Batman and Robin arrive too late, as Puzzler and his men have already immobilized the guests with Puzzle Gas and stolen their jewels, and then they apply the gas to The Dynamic Duo and makes a break for it. Recovering from the Puzzler's gas, Batman and Robin finds another puzzle baloon left in The Puzzler's wake. They follow the balloon clue to The Puzzler's hideout at The Balloon Factory, where, in an ensuing Batbrawl, they are overpowered by Blimpy, Glider and Ramjet and gassed asleep by 2 toy gliders. They regain consciousness to find themselves strapped into the basket of a hot-air balloon that is rigged to send them skyward and then plummeting to their doom once it reaches 20,000 feet!