Pirate Big Nose and his First Mate Dog arrive on Pink Panther Island in hope of finding treasure. But along the way, they encounter a mean squid, quicksand, a snake, and island natives who worship Pinky, giving him a map that may lead to the treasure. But their chase takes them to a volcano which erupts. In the end, the only treasure the pirates see is a giant balloon in Pink Panther's image, which he uses to depart the island.