Ambush Bug is creating mayhem on a golf course. Knocking his ball out of the lake, he finally places the ball in the hole, after 100 swings. To his surprise, the "ball" he retrieves from the cup turns out to be a glowing red stone. Unbeknownst to Ambush Bug, he is under observation by agents of Kobra. Taking the stone to a jeweler, Ambush Bug has the stone polished and set into a pendent, as a gift for Superman. The Man of Steel is playing a game of "Bombardment Ball", in his Fortress of Solitude, blindfolded. Suddenly, Superman begins panicking over the fact that he cannot see. Ambush Bug, having teleported into the Fortress of Solitude has switched minds with Superman. The red stone is actually Red Kryptonite, a xeno-mineral that causes inexplicable things to happen to Superman, the effects of which last for 48 hours.
In this case, it has swapped his mind for Ambush Bug's, and vice versa. To Superman's horror, Ambush Bug accepts the mantle of "Superman", and immediately tunnels his way to Metropolis. To make matters worse, Superman's robots incarcerate the Man of Steel, having identified him as Ambush Bug. Kobra arrives at Ambush Bug's office, intent on stealing Ambush Bug's teleportation technology. Upon entering the office, Kobra is taken aback to find "Superman" behind Ambush Bug's desk. Deep in negotiation with DC Comics' Vice President of Operations, Paul Levitz, over merchandising rights, "Superman" barely acknowledges Kobra. Banking on not being recognized in his civilian attire, Kobra quietly backs out of the office and flees. Based solely on the fact that Kobra is also bald, "Superman" gives chase, believing Kobra is his arch-nemesis, Lex Luthor.
Unable to figure out how Superman's flying power works, Ambush Bug runs after Kobra, at super-speed. This power, too, proves uncontrollable, as once he starts running, he finds he cannot stop. "Superman" circles the globe multiple times, before Kobra brings him to a dead stop with an explosive projectile. Meanwhile, locked in the Fortress of Solitude, the real Superman desperately tries to determine how to activate the Ambush Bug's teleportation technology, to effect his escape. With "Superman" down, Kobra lays out his plan for world domination. "Superman" strikes back with his heat vision. Once activated, though, he finds he cannot turn it back off, and thus sets the entire waterfront ablaze. Stunned at "Superman's" callous disregard for life, Kobra flees in terror.
Just as he leaps into the transport beam of his invisible arc, he feels the iron grip of "Superman" close about his ankle. By sheer luck, Superman stumbles on the voice command that activates Ambush Bug's teleportation power, teleporting out of the Fortress of Solitude, and into the sea. At that moment, the effects of the Red Kryptonite wear off, returning Superman's mind to his body. Seeing Kobra at his feet, Superman mistakenly holds Kobra responsible for the waterfront conflagration. With no time to lose, Superman is forced to allow Kobra to escape while he puts out the blaze. Diving into the sea, Superman drives an enormous wave up over the waterfront, extinguishing the fires. Ambush Bug, too, has been carried to shore by the wave. Ambush Bug lambastes the Man of Steel for his poor treatment at Superman's hands. Superman begins roaring with laughter, inciting Ambush Bug to teleport away in rage... without his pants.