The film opens as if it's Jack and the Beanstalk, and finds Warner's famous "Jack rabbit" (Bugs), already in the giant's lofty realm, chopping down gigantic carrots. It turns out they belong to a dim-witted giant ("Duh, don't try nuttin' funny. Ya can't fool me, cause I'm a moron!") whose voice is Blanc's stereotyped oaf, similar to his later characterization of Barney Rubble, except for an effected Brooklyn accent.
The giant is incensed at Bugs invading his "Victory garden", and Bugs spends most of the rest of the film trying to elude the giant. At one point he challenges him to a duel, and the giant starts pacing off into the distance and is soon over the horizon. Bugs says to the audience, "Ya know, sometimes I'm so smart, it actually frightens me!". Bugs' self-congratulation is short-lived, as the giant is then seen coming toward him from the other horizon.
Finally, as in the classic story, the giant accidentally falls from his sky-borne realm and crashes into the ground, making a huge giant-shaped hole. Instead of being dead, the hard-headed giant simply sits up, dizzy, and invokes a well-known comic catch-phrase, "Duh, watch out for dat foist step - it's a lulu!" Iris out to either 1943 ending card or 1938 ending card (with its respective cue music.)