Dr. Crockery and his assistant, Wexler, find a tomb to King Nut-Ahn-Kahmen. Wexler immeadiatly starts hunting for treasure and finds a ring which Dr. Crockery says if put in the head of the sphinx of Inka Kinka Do, it will open a path to the King's diamonds. Wexler wants to take the ring, but Dr. Crockery insists on catalouging every item in the tomb. Wexler acts like he's going along but later that night he comes back to the tomb and takes the ring. A mummy appears and tries to stop Wexler but he's too slow and Wexler leaves to try and make a train to the sphinx.
The Rangers have just finished helping a camel named Sandy and Dale goes souvenir shopping again and falls into a clar pot. Wexler comes along and sees Dr. Crockery coming and he throws the ring in the pot. The ring gets stuck on Dale and he gets out. Wexler smashes the pot and doesn't find the ring. He then takes all the pots and leaves.
The other Rangers try and get the ring off of Dale and they can't. The mummy shows up and tries to get the ring. The Rangers learn that his name is Hiram and they offer to help. They return to the tomb and continue to try and get the ring off. Wexler shows up and grabs Dale and the ring and shuts the others in a box. Wexler is about to chop Dale in half when Dr. Crockery shows up and he has to stop and he drops Dale in a bucket of soapy water. Dr. Crockery leaves and when Wexler tries to grab Dale, Dale slips out of the ring and gets away. Wexler drives off in a jeep to catch the train to Inka-Dinka-Do and Hiram explains that the ring does not release diamonds but a demon that is only controlled by a pharoh.
The Rangers and Hiram catch the train thanks to Sandy and they try and get the ring from Wexler and they wind up getting thrown off the train. They catch up to Wexler at Inka-Dinka-Do and find him hanging from a rope trying to put the ring in the slot on the sphinx's forehead. Chip and Dale try and stop him but the ring falls into the slot. The demon awakes and Hiram the the Rangers put a plan into motion to try and get the ring out. Wexler sees that there were diamonds under the sphinx and he tries to get some but the sphinx spots him and chases him away. Hiram and the Rangers use a bus, rubber inner tube and rope to hog tie the sphinx and Hiram slings Chip and Dale up to the ring and they are able to get it out and the sphinx returns to it's statue form.
Wexler grabs the ring and rounds the corner only to run into Dr. Crockery and the police. Dr. Crockery has him arrested and tells him that he will still have to do his cataloging from his jail cell.