Bugs narrates that strange carrots have traveled from outer space to Earth. He wakes up in his rabbit hole and remarks that he is late for work. His "work" consists of performing routines of outsmarting Elmer Fudd, Yosemite Sam, and Daffy Duck. During the first routine, there is a strange pile of glowing carrots in the background, but Bugs ignores them.
Taking a plane to the Wild West, Bugs goes through the old "I dare you to step across this line" gag with Sam. After Sam falls off a cliff and makes his way back up, he sees a pile of strange carrots along a cactus.
Bugs then takes a "Grey Hare" bus to meet with Daffy. They perform the "Rabbit Season, Duck Season" routine and hunters shoot Daffy. Again the carrots appear, but this time they are shown attacking Daffy as Bugs leaves for home.
The next day, Bugs wakes up and returns to "work", but Elmer looks and acts like a "pale stereotype" of his former self. Elmer appears poorly-drawn with choppy animation and a voice like a broken record. When he offers Bugs a carrot, Bugs leaves to find Sam, hoping that Sam wouldn't disappoint him.
Much to Bugs' chagrin, Sam also has also fallen victim to the carrots. Bugs finds the pale stereotype version of Sam, who wears a smiley face sticker on his shirt and forever says he doesn't want to hurt him while moving like a character in a poorly-animated 1960s television cartoon, and walks off the cliff himself. When the fake Sam offers Bugs a carrot, Bugs then leaves to find Daffy.
Daffy, who has also fallen victim to the carrots, now flickers in and out of frame, and none of his body parts are well-attached. He is also strangely friendly to Bugs, apologizing for their feud over the years through a human mouth attached to his beak. After Daffy gets shot by the hunters yet again, he returns, riddled with holes, and offers Bugs a carrot. This time Bugs accepts the carrot.
Bugs tries to figure out why the others appear so different. The carrot produces a pale stereotype of Bugs. The impostor attempts to kill the real Bugs with an axe and Bugs runs off screaming, but stops to remark "You know something, folks? This is the scariest part of the picture," only to continue screaming again.
Afterwards, the 1946-1964 Looney Tunes closing sequence appears, but Bugs interrupts, claiming he must get to the bottom of the mystery. He finds tags on Elmer, Sam, and Daffy indicating that the impostors were made on the planet Nudnik, and realizes he must launch them into space to get the original Tunes back. He collects the now malfunctioning "pods" into a sack marked "pale stereotypes". He fires them into space, in a sequence with literal-minded depictions of the Milky Way and the Dog Star. Finally, a mouth materializes in a black hole and swallows the imposters. The next day, Bugs wakes up and outwits the real Elmer, Sam, and Daffy who have all come back.
In a post-credits scene that parodies the 1937-1946 Looney Tunes drum closing sequence, an impostor Porky Pig wearing pants pops out of a drum, trying to utter "That's All Folks!" in a creepy, distorted fashion. Bugs then comes in and throws out the impostor, and then drags in the real Porky Pig and places him inside the drum. Bugs walks off as Porky chuckles and then says his signature line.