On a foggy morning, two men meet at the harbour and one of them offers payment in exchange for a smuggled artefact. Just then, however, a pelican swoops down and snatches the box containing the artefact as the man who offered the payment reveals that he is an undercover cop. The pelican takes the artefact to Fat Cat, who is planning to use it for world domination.
But, when Fat Cat reneges on paying the pelican, the latter snatches the artefact and flies off with it. Fat Cat quickly grabs hold of Wart and throws him at the pelican, who drops the artefact in the sea as Fat Cat and his gang give chase. As it happens, however, Monty and Zipper are also at the harbour and find the artefact before Fat Cat does. It is at this point that we learn that the artefact is a magic lamp, complete with genie.
Just as Fat Cat catches up with Monty, the latter wishes the rest of the Rescue Rangers could see the genie and he, Zipper and the lamp are instantly transported to Ranger Headquarters. Alerted by the sudden noise, Chip, Dale and Gadget come to investigate, minutes before Monty decides on his next wish - needless to say, this involves a huge pile of cheese. But Monty quickly becomes possessive of the lamp and won't allow the others to touch it. This prompts Gadget to tell him to "wish for some new friends", before she and the others walk out on him.
Left alone with the lamp, Monty is berating himself for getting carried away when the genie appears to ask him what he wants for his final wish. Usually, the genie only grants three wishes to whoever owns the lamp, but, if Monty wishes the genie free, he will have an unlimited number of wishes. Monty immediately agrees, but the genie "forgets" to mention that he will be the one granting the wishes - as the new genie. Laughing, the genie throws the lamp into the bushes and leaves as Monty shouts for help, hoping one of the other Rangers will hear him. Just then, however, Meps, Wart and Mole (who have been sent to look for the lamp) stumble across it and take it back to Fat Cat's casino.
Meanwhile, the remaining Rangers are out looking for Monty when they come across the genie. Believing he knows where Monty is, they tie him up and Chip and Dale demand answers. But the genie won't say anything beyond the fact that the "new genie" is the one who knows where to look.
At Fat Cat's casino, Wart, Mole and Meps are fighting over the lamp when Fat Cat walks in and orders them to put it down. Meps and Wart immediately blame Mole for starting the fight as Mole mumbles that all he was going to wish for was a candy bar. Fat Cat tells his stooges he is glad he came to "rescue" the lamp from them and their "puny little wishes", before rubbing the lamp and calling on the genie. When Monty emerges, Fat Cat immediately recognises him as one of the Rangers and wishes for something to flatten the mouse.
An anvil appears out of thin air and Fat Cat realises to his delight that Monty has become the genie of the lamp and, as such, must give him anything he wishes for. The first thing Fat Cat asks for is to have his casino turned into a magnificent palace, complete with gold staircases, fountains and piles of cushions for himself and his gang to sit on. He then asks Monty which part of the world he should dominate first, but Monty retorts that he still has the Rangers to deal with. This prompts Fat Cat to wish the Rangers into his palace.
Next, Fat Cat wishes the Rangers turned to dust. Monty has no choice but to obey, but, since Fat Cat has already made three wishes, the Rangers survive. Monty triumphantly leaps back into the lamp as the infuriated Fat Cat gives it a good shaking. Then, as Chip directs the others to get the lamp, Fat Cat seizes hold of Mole and orders him to rub the lamp. Fat Cat then orders Mole to wish the Rangers to their doom, threatening him with his claws when he tries to ask for a candy bar instead. Soon, all four of Monty's fellow Rangers are tied up and lying under a swinging blade, which is getting lower every second.
Monty feels terrible; because of his greed, his friends are about to die a horrible death. But, then, he has an idea. Just as Mole is about to wish for a candy bar, he whispers the words "that the Rangers were set free" into his ear. Mole repeats the words without thinking and Monty grants the wish before he has chance to withdraw it. Needless to say, Fat Cat is not very happy - as the blade which had been descending on the Rangers flies across the room and barely misses him, he grabs hold of Mole and calls him a nitwit.
The Rangers try to escape, but Fat Cat orders Meps to wish them destroyed. Monty, however, tricks Meps into wishing for Ranger toys instead and the room is soon filled with toys, all bearing the likeness of one of the Rangers. Then, as Gadget operates the remote control for a robotic version of herself, Fat Cat orders Meps to use another wish to stop the Rangers. Monty tells Meps that Fat Cat wants fish, so that is what Meps wishes for.
As the palace becomes flooded with water, Monty realises he may have overdone this wish and gets back into the lamp. The other Rangers, meanwhile, give chase on a rubber ring (which is modelled on Zipper) and, as one of the fish knocks the lamp flying, Chip and Dale leap towards it. The chipmunks then rub the lamp, setting Monty free as Fat Cat and his stooges swim (or, in Fat Cat's case, ride on one of the fish) towards it. Desperately, Gadget tells Chip and Dale to make a wish.
Dale ask what they should wish for, but all Monty will say is that he wishes this whole mess had never happened. Chip and Dale immediately agree and both chipmunks rub the lamp, saying as they do so: "We wish none of this ever happened". So this episode ends where it began, with the undercover cop catching the man who was trying to smuggle the lamp. But, this time, the pelican sleeps on and doesn't steal the lamp, meaning none of the other events featured happen either.