The episode begins with an icy lair atop a mountain, glowering over Gotham City. Here lives Mr. Freeze, along with his assistant, Professor Frost, who is watching the news. The news reports of police searching for Mr. Freeze, and Freeze is annoyed that police are so confident in his arrest, due to him being 'a fourth-rate felon'. He decides to prove them wrong by committing 'the caper of the century'. Professor Frost suggests they steal a new nuclear submarine to use as a getaway vehicle and Freeze agrees.
When Freeze goes out in his 'Coldsmobile' to test out Frost's new freezing ray, Batman and Robin are alerted. Unfortunately, Robin presently has a cold. When giving chase, Freeze freezes the Batmobile, throwing the Dynamic Duo off track. Batman and Robin return to the Batcave, and with the help of the Batcomputer, find Freeze's hideout. They invade the hideout, where they find Freeze plotting. After Robin's sneezes give them away, Professor Frost freezes the Caped Crusaders, and Freeze decides to take Robin along on the caper for laughs.
Freeze, Frost and Robin arrive at the Gotham Docks and after Frost freezes the guards, they board the submarine and the water is frozen over so they can't be followed. Meanwhile, Batmite arrives at Freeze's hideout and frees Batman with his clumsiness. After arriving at the Batcave, Batman and Batmite board the Batboat, which converts into a submarine of their very own. They chase Freeze, but Freeze slows them down by forming icebergs with Frost's freeze ray. Robin escapes from Freeze's clutches and helps save Batman and Batmite.
Freeze and Frost arrive at the North Pole, where the former plans on spending a little vacation before stealing a trillion dollars. While the two argue about how the money is divided, Batman, Robin and Batmite creep up on them, and reverse the polarity of the freeze ray with a device of their own. The Dynamic Duo chases Freeze and corners him. The episode ends as Freeze and Frost end up in jail and Batmite tries to invent his own freeze ray for making snow cones, with disastrous results.