Doctor William Magnus' perceived favoritism towards the Sizzler, sends Platinum into another jealous rage. As usual, this sparks a conflict between Platinum and Mercury. Gold suggests the team take a ride in the Jetaway to restore harmony. Once in the sky, they encounter, and are attacked by, the Ballon Man. The Jetaway's impact with the Balloon Man sends it spiraling towards the ground. Gold is just able to regain control, before the Jetaway crashes. The Metal Men return to headquarters to find Magnus installing a responsometer in the Sizzler. A radio bulletin informs them that the Balloon Man is in the midst of a robbery. The Metal Men arrive at the scene of the crime, and discover all the bystanders laughing uproariously. In the center of the giggling hordes stands the Balloon Man.
The Metal Men rush the Ballloon Man, only to be doused with laughing gas. Overwhelmed by their own uncontrollable laughter, the Metal Men watch helplessly as the Balloon Man escapes, with millions of dollars of stolen currency. Dejected, the team returns to headquarters. Rather than disturb Magnus' work on the Sizzler, the team spends some time exercising, to better prepare themselves for their next encounter with the Balloon Man. The Metal Men are invited to perform at a charity benefit for needy children. Each Metal Man entertains the children in their own inimitable fashion. In the midst of their performances, the Balloon Man absconds with the proceeds. The Metal Men tear after the Balloon Man. This time they are stopped when the Balloon Man lays down a dense cover of smoke, to conceal his escape.
Back at headquarters, the Metal Men decide not to bother Magnus with the Balloon Man situation. Arrogantly, Mercury states that he believes it would be better if he handled the Balloon Man alone. The team agrees to follow Mercury's lead, and splits up to take on Balloon Man one-on-one. Mercury is entertaining a young child and his mother, when the Balloon Man floats by. Mercury lassoes the Balloon Man to keep him from escaping. The Balloon Man continues to expand until he shatters Mercury into hundreds of globules. Iron encounters the Balloon Man, just after changing a tire for a distressed motorist. Iron is able to get a firm grasp on the Balloon Man, until his strange foe deflates out of his grip. Platinum spies the Balloon Man, just after assisting a little girl with her broken doll.
Platinum molds herself into a harpoon, and spears herself all the way through the Balloon Man. The bizarre villain's body, though, is self-repairing. Tin and Nameless attempt to catch the Balloon Man in the large cups they've molded from their hands. In the end, they only catch each other. The super-heavy Lead has no means of catching the Balloon Man, as long as his foe floats, just out of reach, above Lead. Gold finds the Metal Men regrouped at headquarters, utterly defeated from their encounters with the Balloon Man. Gold rallies the team, and orders everyone into the Jetaway. Arriving at the scene of another crime, Gold orders Lead to mold himself into a box around the Balloon Man. Grabbing a hold of several high voltage wires, Gold conducts extreme heat into the Balloon Man, vaporizing him. The team triumphantly returns to headquarters, where Magnus is just finishing up his work on the Sizzler.