Stable hands Stan and Ollie are tending a thoroughbred named "Blue Boy." But when they overhear two men talking about a $5000 reward for the return of the stolen "Blue Boy," they miss the part about it being the painting, not the horse. They take the horse to the owner's house to claim the reward. The owner instructs them to put "Blue Boy" on the piano and Ollie explains, "these millionaires are peculiar."

While changing clothes in a getaway car, escaped convicts Stan and Ollie mistakenly put on each other's pants. They spend the rest of the film trying to exchange pants in various unlikely settings.

Stan and Ollie check into a seedy hotel and help a young girl escape the clutches of the landlord. They are forced to flee the hotel with no money and Ollie arranges for Stan to fight at a local boxing hall for $50. Stan's opponent turns out to be Musgy who uses a loaded glove. During the fight the glove is swapped and Stan triumphs only to find that Ollie has bet their fee that he would lose.