Slap, Sniffle, and Plop have just finished filming a commercial for their cereal, Wheat Crunchies, when they are summoned to their employer's office. He tells them that he is replacing them with a new group. A group of thuggish looking elves enter and their names are Turbo, Banshee, and Kapow. Slap, Sniffle, and Plop beg their employer not to replace them and he decides to give the new guys a couple of weeks to prove that they can be more popular and everyone agrees to it.
The next day, Bonkers wakes up and goes to have his favorite breakfast, Wheat Crunchies. He pours the milk and listens for Slap, Sniffle, and Plop and hears Turbo, Banshee, and Kapow instead. He doesn't like the new sound but feels like at least he still gets a prize in his cereal, but when he looks, there is no prize. He decides that this is a crime and he wants to get Lucky involved to help him solve it.
Bonkers goes and wakes Lucky and tells him that it's a big emergency. Lucky isn't too thrilled when Bonkers tells him that his prize was missing from his cereal and Lucky goes back to bed. Marylin then bursts into the room and wakes Lucky and tells him that her prize was missing too. Lucky kindly pushes her out of the room and tries to go back to sleep. He is then awoken by the telephone and he answers it and starts shouting at the person on the other end and it's Chief Kanifky. He tells Lucky to report to him immediately. Lucky reports to Chief Kanifky and sees that the Chief is upset over not getting his prize in the cereal box and he puts Lucky and Bonkers on the case.
Lucky and Bonkers tour the factory where the cereal is made and packaged and they don't see any problems. Lucky then says that they should stake out the supermarket when the cereal is delivered and see if they can catch who is doing the crime. Meanwhile, Turbo, Banshee, and Kapow are outside and Turbo says that he knows who they are going to see.
While Lucky and Bonkers wait for the criminals to show up, Turbo, Banshee, and Kapow arrive dressed as Slap, Sniffle, and Plop. They intend to frame them and then take over the company. They go in and start stealing the prizes from the cereal boxes as Bonkers and Lucky watch. Bonkers can't believe it. They attempt to arrest the phonies but after a hilarious couple of scenes, the phonies get away.
Later that night, the phonies appear on television and tell all teh kids to shout out their windows that they are mad that there are no prizes in their Wheat Crunchies. All the kids do it and it makes headlines.
The next day, Turbo, Banshee, and Kapow go to Mr. Wheatable's office and say that Slap, Sniffle, and Plop are just troublemakers and that he should sign them up and replace them. He says that he feels that they are more popular than ever after he read the headlines and tells them that he is staying with them. Turbo tells him that they are taking over and they tie him up. They put him on the conveyor belt going to the wheat shredder and threaten to turn it on unless he signs the company over to them. He refuses and they turn it on. Slap, Sniffle, and Plop appear and chase Turbo, Banshee, and Kapow. Then Lucky and Bonkers arrive and Bonkers shuts off the machine in the nick of time. Turbo, Banshee, and Kapow run around behind some boxes and put on their disguises to fool Lucky and Bonkers. Bonkers finds out who the real ones are by the milk test. Another chase ensues and Slap, Sniffle, and Plop capture the phonies in cereal boxes and Lucky and Bonkers wind up getting covered in chocolate. Mr. Wheatable signs Slap, Sniffle, and Plop to a lifetime contract and Sniffle and Plop start arguing over who is the most popular and Lucky and bonkers use cereal to plug their ears.