In the obscure Latin country of Bolamania, Bud and Lou are staying at a boarding house and hoping to get a job at a night club. The two get into a comic argument over the magic act equipment Bud bought. Using two silver cylinders (Lou gets slapped every time he says they made of tin), Bud makes a cup and bottle of booze trade places. At least until Lou figures it out and swipes one of the bottles. The two get the giggles when Lou slams into a screen wall and destroys part of it. Later in the sketch when the two go behind the screen to change outfits, Lou intentionally knocks the screen over to reveal several wardrobe men doing a quick costume change on them.
Dressed in outfits left behind by the landlord when demanding their rent money, Lou's mistaken for the El Presidente. He and Bud, who's dressed as a Gaucho, lock the landlord and policeman in the closet.
Bud reads a telegram from Connie Haines, Jane Russell, Beryl Davis, and Rhonda Fleming wishing them a happy Easter Sunday. The four sing "I've Got the Joy Down in My Heart" and "Way Beyond the Blue" with Baby Mistin.
Tony Martinez performs a Latin number with dancers.
Gaucho Bud and President Lou go to a restaurant and are treated royally. All is well until the real Presidente and his entourage arrive. Then the two "leaders" have a face off of slaps followed by a marksmanship contest with guns. After both successfully shoot a cigarette from a person's mouth, they take aim at the bird in the cuckoo clock. El Presidente Costello kills the bird and the crowd gives the real president the bum's rush.
There is a plot to kill the El Presidente so while the real one goes into hiding, lookalike Lou is drafted to take his place--at least until he's assassinated.
Six-year-old Baby Mistin performs a number on the xylophone.
At the Presidente's mansion, Lou has a dagger thrown at him and the windows are shot out. When Lou screams, "Help!", a duck drops down from the ceiling with 100 dollars, a la You Bet Your Life. At dinner, a black-gloved hand keeps coming up through the table and trying to poison Lou's food. Naturally, Bud never sees it. When the hand steals a knife, the two get into a sword fight. The butler then delivers a huge cake to the table, which ticks and has a lit fuse. It explodes, sending Lou flying into the air.
The boys come out to say good night, tell a couple of jokes to fill out the time, and plug next week's show from the Ice Capades in Ft. Worth, TX.