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Knapp, the manager of jungle movie star Schnarzan, complains to a theater manager when, following a showing of Queen Christina, the trailer for the latest Schnarzan film is not well-received.  The manager advises Knapp that the public is sick of Schnarzan's moth-eaten lions, and that the "soon-to-be has-been" had better get new lions if he wants to be king of the jungle once again.  Buddy Goldfarb, the manager of Liondora, the actor who is Schnarzan's main competitor, is also told by the theater manager that his meal ticket will soon be standing in the bread lines without new lions to spice up his act.

Knapp goes to Schnarzan's opulent mansion and tells the actor that Baron Munchausen, a famous explorer, will soon be arriving in town with his latest shipment of wild animals, including some fabulous lions.  Knapp convinces Schnarzan to throw a huge party for the baron and buy the lions before Goldfarb and Liondora get them.  As the invitations are distributed for what promises to be the party of the year, Lupe Velez, who plays "The Jaquar Woman" in Schnarzan's films, is furious that she has not been invited to the party.  When she calls, Schnarzan complains that she is too rough and hot-tempered, and hangs up on her.  On the night of the party, Oklahoma multimillionaire Harvey Clemp, his wife Henrietta and their niece Linda prepare to attend.

On the way, Linda meets and flirts with a young man named Bob, while the Clemps are taken in by the suave Liondora, who is crashing the party disguised as a European aristocrat.  A multitude of guests pour in and soon the festivities are in full swing.  Munchausen arrives and presents Schnarzan with a gorilla, while Henrietta is pursued by Liondora, and Harvey flirts with Lupe, who has crashed the party.  Bob and Linda sing together and are oblivious to all else as Jimmy tangles with Mickey Mouse and Liondora persuades Harvey to buy the lions for him.

Meanwhile, Stan Laurel and Oliver Hardy arrive and try to convince Beavers, the doorman, that they need to see the baron, who purchased their lions with a check for 50,000 tiddlywinks.  Stan and Ollie finally succeed in getting into the mansion, and while they are engaged in an egg-smashing contest with Lupe, Schnarzan romances Henrietta and promises her movie stardom if she gets Harvey to give him the lions.  Stan and Ollie inadvertently let one of the lions loose, and the terrified guests flee the party.  Schnarzan, mistaking the lion for one of his rugs, battles the animal to impress Henrietta and knocks himself out.  When he regains consciousness, he is plain, old Jimmy Durante, who fell asleep while reading Tarzan the Untamed by Edgar Rice Burroughs.  As he realizes that he was dreaming, his wife comes in and tells him to hurry or else they will be late for Lupe's big party.