Goddard "Pepto" Bolt (Mel Brooks) is a very wealthy businessman who likes to take risks and make bets as a part of doing business and making money. He wants to build over a ghetto, but has accepted a deal that before he will be allowed to do so, he has to live on the streets of Los Angeles for one month, without even a penny to his name. Bolt meets a number of interesting characters during his time on the streets, most significantly a woman by the name of Molly (Lesley Ann Warren). His interactions and relationship with Molly change his views of life in a drastic way, and help him to learn how to survive on the streets. Will he make it through the entire month living in such a different way than he is used to?