Timmy Taylor and his two friends, Stevie and Buddy capture escaped convict Carl Banks (Jim Varney) and hold him hostage in their treehouse over the weekend so that Timmy can use Carl as his current event project at school on Monday. The boys then find that Carl is mixed up in a counterfeiting ring that could spell trouble for them too.

"It takes an entire police force to look for an escaped convict...And a group of ten-year-olds to catch him."