Calvin Palmer (ICE CUBE) is a Chicagoan and frustrated entrepreneur who isn't happy with the longstanding barbershop he inherited from his father. After two years of trying to make the place financially stable, he's decided to sell it to local loan shark Lester Wallace (KEITH DAVID), but has kept that secret from his pregnant wife, Jennifer (JAZSMIN LEWIS), who's grown tired of his various get rich business schemes.
He also hasn't told his various employees. There's Eddie (CEDRIC THE ENTERTAINER), the older and highly opinionated veteran barber, and Terri Jones (EVE), the lone female in the shop who's upset that her boyfriend, Kevin (JASON GEORGE), cheated on her. She's the object of attraction for Dinka (LEONARD EARL HOWZE), a soft-spoken African immigrant.
Jimmy James (SEAN PATRICK THOMAS) is an elitist college student who looks down on Isaac Rosenberg (TROY GARITY), the lone white barber who looks and acts as if he's trying to be black, as well as Ricky Nash (MICHAEL EALY), a two-time felon who's trying to stay straight.
He's under the eye of Detective Williams (TOM WRIGHT) who's investigating the theft of an ATM machine from an adjacent convenience store. Little does he know that it was really stolen by bumbling thieves JD (ANTHONY ANDERSON) and Billy (LAHMARD TATE) who keep moving the machine across the city while trying to crack it open.
When Calvin realizes that it's a focal point of the community and learns that Lester plans on converting the shop into a gentleman's club, he races against time to figure out how to buy it back before it's too late.