In Metropolis, the people have gathered to watch the event of a lifetime. Fellow super heroes Superman and the Flash have agreed to partake in a race around the world to find out who really is the fastest man alive, with all proceeds going to charity. Superman arrives on time, while the arrogant Flash shows up late, hits on Lois Lane, and insults the Man of Steel several times, all in under a minute. Straight-laced Superman and the hyper-active Flash take an instant dislike to one another.
An official approaches and states the rules of the race. The first man to circle the globe 100 times will be declared the winner. To keep track of the contestants, they will each be made to wear an armband that can follow even their movements with the use of satellites. The armbands are administered by a shifty-looking man with a beard.
The official calls out "On your marks! Get set! Go!" And the two heroes begin the race, each running at fantastic speed. The armbands do their job, and allow the pair to be tracked as they circumnavigate the planet, showing that the Flash maintains a narrow lead.
As the man who equipped the heroes with their armbands drives up a mountain, he laughs and removes his fake beard and wig. He arrives at this mountain lodge, only to find that it, and only the immediate area, is covered in still-falling snow. The man, Mark Mardon, enters to find his little brother Ben experimenting with their device. It seems that Mark funded Ben's experiments to create a weather controlling machine. And the armbands Superman and the Flash are wearing actually power the machine, by draining off and channeling the massive amounts of ionic energy the pair are creating while they race. Mark yells at Ben for using the machine, saying that it was meant for bigger things.
At a U.S. Army base that monitors weather patterns, Mark Mardon suddenly appears on screen, wearing a mask and calling himself the Weather Wizard. He tells them to transfer a billion dollars into his off-shore accounts, or he will cause nature to go berserk, and to watch Northern Australia for a demonstration.
Superman and the Flash are passing Northern Australia as a huge storm erupts and threatens an oil tanker and its crew. Superman flies off to aid them; while it takes the Flash a moment to notice what is going on. Superman saves the crew and fixes an oil leak the storm has caused, while the Flash uses centripetal force to pull all the oil out of the water. Shortly thereafter, the storm disappears.
While on the boat, Superman and Flash are contacted by the Army base and they relay the Weather Wizard's message. Flash recognizes that the Wizard is really Mark Mardon, a petty extortionist who he caught some time ago, but who managed to hide the millions of dollars he stole. Flash runs off vowing to catch Mardon again.
Mardon sees the heroes returning to America thanks to the armbands, and uses his machine to send an ice storm at them, which actually manages to freeze them to a halt. Superman uses his heat vision to escape and the Flash vibrates through the ice. Flash runs off again, while Superman stops and thinks. Flash returns and Superman points out that the Weather Wizard seems to know exactly where they both are. They realize that he must have access to the armbands tracking them, and Superman uses his x-ray and microscopic vision to find the ionic channeling device hidden inside. He destroys both armbands.
The pair arrives at the Army Base in time to see the Weather Wizard's new message. He wants a billion dollars right now, or he is going to destroy Metropolis with a massive hurricane.
Back at their base, Ben begins freaking out, saying that he never meant for his invention to be used to kill people. Mark beats him down and tells him to leave if he wants, but that the machine stays. Ben accepts this offer and gets in his car. On his way down the mountain, he encounters a snow storm caused by his brother, and he is driven off a cliff. Superman catches the car, and the Flash catches Ben when he falls out. Ben begins to explain everything to the heroes, ratting out his brother just as the storm begins to assail Metropolis.
Flash manages to find the Weather Wizard's hide-out, but is struck by lightning several times as he tries to approach. Superman saves him, and carries him away. After setting the Flash down, Superman begins spinning at super-speed until he becomes a living drill, and tunnels under the ground up into Mardon's lair. There, Mardon uses his Weather Wand to blast Superman with pure ionic energy, forcing the Man of Steel to his knees. Just then, the Flash comes up through Superman's tunnel and attacks Mardon. The Wand flies from his hand and comes in contact with the Weather Controlling Device, causing ionic energy to fill the room. Superman manages to grab the Flash and Mardon and escape before the whole lodge explodes, destroying the machine and eliminating the hurricane threatening Metropolis.
After dropping the Weather Wizard off at Stryker's Island Prison, Flash and Superman actually begin to laugh and talk pleasantly. Superman says that he thought Flash was just a jerk when they first met, but that now he thinks he's okay. Flash says that they never did find out who was the fastest man alive. Superman agrees, and calls out "On your mark! Get set! Go!!" And the two race off into the distance...