The stooges are gypped into trading their restaurant for "Thunderbolt", a washed up race horse. When Curly feeds Thunderbolt some chili pepperinos, he runs like crazy towards the nearest water. The boys enter Thunderbolt in a big race. With jockey Larry feeding Thunderbolt the pepperinos, and Moe and Curly on a motorcycle leading him with a bucket of water, they win the race.

Set in Medieval times, the stooges learn they are of royal blood and vow to save the kingdom. They become the queen's royal guards but are sentenced to die when the queen is abducted on the orders of the evil prime minister. The stooges escape, free the queen, and end up knocking each other out.

As American policemen in London, Bud and Lou meet up with Dr. Jekyll and Mr. Hyde.