Squiddly is tired of doing work at Bubbleland and tells Chief Winchley so. The Chief agrees to take Squiddly out away from Bubbleland and they row out to sea. Squiddly finds a treasure map floating in a bottle and the Chief grabs it and it tears in two. They agree to be partner and they go off in search of the treasure.
After finding the island and having a few misadventures along the way, they eventually find the treasure chest. The Chief gets greedy and snatches the chest from Squiddly. They go back and forth several times with one getting the chest and being chased by the other until they hear another voice congratulating them on finding the chest. A man flies down in a helicopter and tells them that they can choose between the chest, which is full of soap chips, or two season tickets to Bubbleland.
They row back to Bubbleland and the Chief tells Squiddly that they should never let greed take over again. They come across another treasure map in a bottle and they begin to fight over it.