The gang that created Airplane! and The Naked Gun sets its sights on Top Gun in this spoof. Topper Harley is a talented but unstable fighter pilot with an axe to grind: clearing the family name. His mission is to avenge his father and save a mission sabotaged by greedy weapons manufacturers. He also gets involved in a relationship with Ramada Thompson, a woman with an unusually talented stomach. Hot Shots! makes fun of a variety of other films, from Dances with Wolves to The Fabulous Baker Boys.

In the 1940s in the small town of Jupiter Hollow, two sets of identical twins are born in the same hospital on the same night. One set to a poor local family and the other to a rich family just passing through. The dizzy nurse on duty accidentally mixes the twins unbeknown to the parents. Our story flashes forward to the 1980s where the mismatched sets of twins are about to cross paths.