From his headquarters, NSA General Foghorn Leghorn, his intern Pete Puma, and spy Cecil Turtle oversee an operation on a mountain in the central Mexican jungle. The objective of the operation is to extract a rare flower, as the agents believe it to be the world's most powerful weapon. However, they are beaten to it by Speedy Gonzales. In New York City, Lola Bunny is bored of working for Giovanni Jones at the Acme department store perfume counter. She accidentally damages the store, gets fired and takes a long, awkward ride home in Bugs Bunny's taxi. Arriving in her apartment, she screams when she sees a mouse, even though it is her landlord, Speedy. He gives her the flower as a gift, unaware it is being watched by the NSA.
General Leghorn sends agent Elmer Fudd to watch the flower, though Lola uses it to create her perfume, which has a side effect of invisibility. She doesn't notice as she accidentally sprays her eye, forcing her to wash it out, rendering her visible. Cecil sends his goons to get it, but Lola backs out the window and falls to Bugs' taxi below. On the way down, the perfume makes the wall invisible exposing, in successive apartments. General Leghorn puts out a reward of $500,000 for Bugs and Lola, and Yosemite Sam, who was preparing to rob a bank in Times Square (with just a short-range water pistol), learns of it and detains them. However, he refuses to hand them to the NSA or the NYPD until after he gets the money, and a one-sided gunfight ensues. Lola and Bugs escape down a storm drain.
They emerge through a manhole in front of Porky Pig, causing a traffic jam, but Giovanni grabs the perfume. Lola runs after him and gets abducted by Cecil in a van. Bugs jumps in Daffy Duck's taxi and follows them. At a secret location, Cecil and his goons interrogate Lola and leave her to die, but Bugs and Daffy manage to free her. Driving through the streets (and subway tunnels) of New York and running through Central Park, the rabbits make haste to John F. Kennedy International Airport. Daffy envies the ducks in the park and decides to retire. Having been arrested, Sam steals an NSA car and follows Bugs and Lola to the airport, where she spots Giovanni, and they all board the plane as does Cecil. Bugs retrieves the perfume and makes a parachute from clothes in passengers' checked baggage and, after a fight with Sam over the perfume, he and Lola land in the Atlantic Ocean. The Goofy Gophers pick them up in their yacht, try the perfume, and discover its invisibility property, albeit to Lola's dismay, but Bugs convinces her to see the upside. The Gophers subsequently give Lola a makeover.