In the film, Mr. Magoo (portrayed by Leslie Nielsen) is a wealthy man with severe vision problems, but he refuses to wear glasses or listen to his doctor's advice. One day, he visits a museum with his nephew Waldo (Matt Keeslar) and gets caught up in a scheme to steal a valuable ruby called the Star of Kurdistan.
The thieves, led by the villainous Luanne LeSeur (Kelly Lynch), mistake Magoo for a master thief named "The Slapper" and try to enlist him in their plan. Although he is oblivious to their motives, Magoo inadvertently causes chaos as he stumbles through the museum, mistaking priceless works of art for everyday objects.
As the robbers try to complete their heist, Magoo and Waldo team up with a police detective (Ernie Hudson) to foil their plans and save the Star of Kurdistan from being sold on the black market.
The film is a comedic take on the classic cartoon character Mr. Magoo, known for his bumbling and near-sighted antics. It features over-the-top physical comedy, slapstick gags, and cartoonish special effects, as well as humorous nods to other classic heist and spy films.