Alfalfa has convinced his friends Buckwheat, Mickey and Percy to turn into criminals in Alfalfa figuring that if he is going to get the blame for being one - he unjustly punished by his father for a theft at Stephen's Grocery Store committed by Slicker - he might as well be one. The one of his friends who doesn't agree is Spanky, but Spanky figures he can use their new life of crime to do some good in "stealing" stuff from Mrs. Wilson, while in reality Mrs. Wilson asked Spanky to haul away her junk to the dump while she's out shopping. The young "criminals" get into some misadventures as in the process of hauling away what they've "stolen" from Mrs. Wilson's, they get caught up in an actual bank robbery.