The cartoon opens with a faux Walter Winchell-like voice discussing the end of the Third Reich, saying that "Germany has been battered into a fare-thee-well", and musing about where the high leadership, and "Fatso" Göring in particular has gone. The scene soon cuts to the Black Forest, where Hermann Göring—in bemedalled lederhosen—is "soothing his jangled nerves" marching while on a hunt. Nearby, a furrow in the ground appears, with a hole at the end.

Bugs pops out of the hole, and sees no sign of the Black Forest on his map (variants of this scene would be used in later cartoons as the lead-in to the joke that Bugs, while tunneling underground, did indeed turn wrong somewhere in New Mexico, usually by not taking a left turn at Albuquerque. This cartoon is the first time Bugs says the popular catchphrase: "I KNEW I 'shoulda' (should have) made 'dat' (that) left 'toin' (turn) at 'Albakoikie' (Albuquerque)"). The other is Bugs asks Göring about the directions to Las Vegas, oblivious to his location. Göring is almost tricked into going to Las Vegas, but then quickly realizes, "Las Veegas? Why, there is no Las Veegas in Germany!" before he fires his musket at Bugs. Genuinely alarmed by his mistaken destination ("Joimany?! Yipe!"), Bugs hightails it. Göring chases after the rabbit, trying to suck Bugs out of his hole with his musket as a plunger.

A few chase gags go by in which Bugs insults the integrity of Göring's medals by bending one with his teeth. Suckered into bending one himself, Göring declares them ersatz and mumbles all sorts of anti-Hitler sentiments ("Oh, do I hate that Hitler swine, that phony fuehrer, that…"). Bugs masquerades as Adolf Hitler after smearing on some mud, and faces the surprised Göring. Göring disappears off-screen in a flash to change into his Nazi uniform adorned with all sorts of medals. After the usual Nazi salute, Bugs berates him in faux German as he rips all of the medals off Göring's uniform ("Klooten-flooten-blooten-pooten-meirooten-tooten!"), quickly followed by his belt. Göring "kisses" in reverence, saying, "Look! I kiss mein Fuehrer's hand. I kiss right in Der Fuehrer's face!'" (the joke being a popular near-contemporary song with this title composed by Oliver Wallace and the subject of a Disney animated short in 1943). Afterwards, Göring exclaims "Oh, I’m a bad flooten-boy-glooten!", a variant on Warner Bros. cartoons' frequently-cited Lou Costello-type catchphrase: "I'm a bad boy!".

Later, when the jig is up, Bugs rides in on a white horse, dressed as Brünhilde—from Wagnerian opera, to the tune of the "Pilgrims' Chorus" from Tannhäuser. Entranced, Göring responds by dressing up as Siegfried. The two dance and the music changes to Wiener Blut, before Bugs once again makes a fool of Göring and escapes (anticipating What's Opera, Doc? co-starring Elmer Fudd).

Eventually, Göring gets a hawk to capture Bugs. Bugs, standing next to Göring asks, "Do you think he'll catch me, doc?" to which Göring replies, "Do I think he'll catch you? Why, he'll have you back here before you can say Schicklgruber." (Schicklgruber was the original surname of Hitler's father Alois.) Bugs runs off and jumps into his rabbit hole, but as he falls down the hole, the hawk, which imitates Jimmy Durante, catches Bugs in a bag, capturing him. Göring brings the bag to Hitler, who plays solitaire in front of a map depicting the decline of Fortress Europe.[5] Göring identifies the captive in the bag as "Bugsenheimer Bunny" (as opposed to "Weisenheimer", or "wise guy") to Der Fuehrer. As Herr Hitler talks of the great rewards he is going to pile upon Göring for this act of heroism, he peeks inside the bag and is shocked ("Ach!! Himmel!"). Göring goes and looks inside the bag as well, to be shocked as well (again, "Ach!! Himmel!"). Out of the bag comes Bugs dressed as Joseph Stalin—complete with an enormous pipe and a large moustache—staring back at them.As the cartoon ends, Bugs glances back at the camera and asks, in a Russian accent: "Does your tobacco taste different lately?", citing an ad slogan of that era for the Sir Walter Raleigh pipe tobacco manufactured by the Brown & Williamson Tobacco Company (fonte: Wikipedia)