Santa is jostled out of his sleigh in a blizzard and when an exhausted and shaken Blitzen arrives at the North Pole, the elves find out that Santa is missing and they know that they must find him quickly because Christmas is just two days away. They learn that Santa fell out of the sleigh over Hollywood.
Fall-Apart Rabbit is trying to fix a hole in his roof to stop the odd snowstorm from blowing in anymore snow when he finds Santa and Santa can't remember who he is and Fall-Apart doesn't recognize him.
Lucky goes downstairs in his house to find that Dyl has filled the house with Christmas decorations. he goes to eat breakfast and asks Marylin if she is excited about Santa Clause coming and she tells him tha tshe heard that he doesn't exist. Bonkers comes in and he tells her that he has met and gone fishing with Santa. As Bonkers and Lucky leave to go to work, Marylin says that she is going to stay up all night to see if he really does exist.
Fall-Apart shows Santa around and finds out that Santa doesn't know his own name. Fall-Apart calls him Jim and says that they should go to the beach. He takes Santa out to the car and they load up and head for the beach, although Fall-Apart's way of going to the beach is a little haphazard.
Lucky and Bonkers receive their next mission and it's a missing person's case. It's Santa Clause and the elves, Jingle and Bell, are there requesting their help. The elves see Lucky and are convinced that he can take Santa's place while they search for the real one. Lucky doesn't want to at first, but Bell uses some Christmas magic to let Lucky see what would happen to Marylin if Santa didn't make it to their house and she is upset and crying. This convinces Lucky and he agree to play the part of Santa and the elves take him to train him how to be like Santa.
Fall-Apart takes Santa water skiing but Santa breaks loose from the boat and goes flying up onto the beach and Fall-Apart loses track of him. Bonkers arrives after Fall-Apart lands on the beach and tells him that he is on an important case. He's trying to find Santa Clause. Bonkers leaves and Fall-Apart finds Santa and tells him that they are going to have a wienie roast.
Bonkers visits Luckys house to warm up and after catching his tail on fire accidentally, he continues his search for Santa.
Lucky has improved in his Santa impersonation and it is now just one hour until they have to make the first delivery. The elves have no choice and take Lucky to the sleigh for the Christmas deliveries.
Fall-Apart has brought Santa back to his place and once Santa finally defrosts, he sits down on one of Fall-Apart's chairs and gets ejected out onto the roof. Bonkers comes by right after this and Fall-Apart tells Bonkers that he has to go see about his friend "Jim" and he describes him and then uses the same chair and launches himself onto the roof. Bonkers thinks about the description that Fall-Apart just gave him and he realizes that this "Jim" is actually Santa. He uses the sofa and ejects onto the roof as well. They find Santa and Santa has regained his memory. Bonkers tells Santa that he needs to visit Marylin first so that he can restore her belief in him.
The elves take Lucky to his house since it is familiar territory and give him the presents that need to be left there. Lucky falls off the roof and decides that it would be best to go through the front door. He goes in just in time to see Marylin give up and head to her room. Just then, Bonkers arrives with the real Santa and he goes in through the chimney and runs into Lucky. they have an argument and marylin returns to find two Santas. Bonkers comes in and tells her that there are two Santas because sometimes Santa needs a stand-in. It is revealed that one Santa is actually Lucky and the real one gives Marylin a present that she never told anyone about and also one to Lucky and Santa leaves to go on his yearly rounds.