It's been more than thirty years since their TV show was cancelled and the most famous residents of Frostbite Falls, MN - better known as Rocky J. Squirrel (voice of JUNE FORAY) and Bullwinkle J. Moose (voice of KEITH SCOTT) - have since been stuck in perpetual reruns.
That changes when their longtime archenemies and overall No-Goodniks from Pottsylvania -- Fearless Leader (ROBERT DE NIRO) and his two bumbling assistants, Boris (JASON ALEXANDER) and Natasha (RENE RUSSO) -- manage to escape into the real world. By broadcasting their RBTV (Really Bad TV) programming signals across the country, Fearless Leader plots to turn everyone in America into mindless zombies incapable of independent thought, and then make them vote for him as the next President.
That doesn't sit well with the current chief executive, President Signoff (JAMES REBHORN) and so FBI agent Cappy Von Trapment (RANDY QUAID) assigns rookie agent Karen Sympathy (PIPER PERABO) to find the only characters capable of stopping such a diabolical plan - Rocky and Bullwinkle - and get them to New York City before Fearless Leader makes his executive broadcast to the nation.
After retrieving the two cartoon characters into the real world, Sympathy, and her two animated companions, then set out on a cross-country trek to stop Fearless Leader. As they do so, however, they must contend with various complications and obstacles, including those introduced by Boris and Natasha who've been assigned to stop Rocky and Bullwinkle at any cost.