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The title is a parody of the 1941 movie Citizen Kane.
The camera slowly pans from the gate of Montana Max's residence to the mansion itself. The camera slowly pans through the mansion before stopping on Max destroying all of his belongings in a fit of rage. He picks up his bike and throws it at a toy airplane hanging from the ceiling. It detaches and flies towards him. Max tries to deflect it with a torn-up cushion, but the plane still hits him, causing the stuffing to fill the room. Max looks at himself in the bike's now-broken mirror and whispers "Acme" before running onto his balcony and shouting the word.
Acme Looniversity's "Eyewitless News" starts off with the news that Max was expelled, then goes on to explain his backstory: after his family won the lottery, Max proceeded to take over the family fortune and order his family arrested. He bribed other students and ran the school TV station. His ultimate goal was to become president of school council. However, a series of scandals led to his expulsion. Shirley the Loon orders Hamton J. Pig to find the meaning of "Acme."
Hamton meets up with Buster Bunny at the Acme Acres Country Club. A flashback shows Buster and Max riding the latter's bike through the snow. Suddenly, Max's mom arrives in a limo and announces that they won the lottery and they are moving. During Max's campaign speech, he promises to rid the school of Buster. However, he does not know what "Acme" means (ironically, Buster is wearing a hat, shirt, and pair of sunglasses with "Acme" printed on them, and Hamton consumes several food products which are also labeled "Acme"), and suggests Hamton ask Max's campaign manager, Plucky Duck.
Hamton asks Plucky what "Acme" means. He does not know, but he remembers his first day on Max's campaign, where Max bribed him to beat Buster. The rabbit's campaign is succeeding, so Plucky makes Max look "presidential" (by dressing him up as Abraham Lincoln). He bangs a drum with "MAX" printed on it in big letters, but turns around and accidentally pushes Max out the window. Plucky quickly bolts down the stairs, but fails to catch Max as he falls into the ground. Just as he is about to yell at Plucky, he gets the idea to buy the school's TV station to broadcast his messages to every student. The plan fails, so Max challenges Buster to a debate. Max slaps Buster with one of his gloves, and Buster returns a much harder hit that sends Max flying into the air. Buster shakes his gloves, and several horseshoes and a horse fall out. At the debate, Max enlists Plucky to create a scandal by placing explosives in the tomatoes. Buster says the food is fine, while Max feels it is a disaster. Plucky gives Dizzy Devil an explosive tomato, and despite the explosion, he likes it. Frustrated, Max airs a show called "60 Seconds" on K-MAX TV where he asks Buster what he will do to cheating students. Buster says "Cheaters should be tarred, feathered, and kicked out of school!" Max takes his hat and pulls a booklet of "stolen test answers" out of it. Buster is framed for cheating and is kicked out, literally tarred and feathered. As the chairs Hamton and Plucky are sitting on are carried out of school and thrown into the dumpster, Hamton demands to know what "Acme" means. Plucky says that the only person who could know is Elmyra Duff.
Hamton meets Elmyra at her house. Furrball is in her grasp, trying to escape. She is unaware of Montana Max being her boyfriend. She does not know what "Acme" means, but she laments how Max was mean to Buster. A flashback shows Buster running through the woods via foot, boat, and car, all the way to Acme Looniversity. He begs Babs to help him hide from Elmyra. Babs digs a hole in the ground and takes Buster with her. Elmyra looks for Buster, but is unable to find him. However, she is happy because she has Furrball and Hamton. The pig asks her what "Acme" means, but she still does not know, and she is still unaware of being Max's girlfriend. This causes Hamton to snap.
Hamton meets up with Buster and Babs Bunny at a harbor. Babs explains that after she and Buster escaped from Elmyra, they dug into a hole into an underground parking lot. Plucky Duck appears, going by the name "Deep Quack," and sneaks the two rabbits into K-MAX TV. He plays back the tape of Max revealing Buster's stolen test answers. When he plays the tape in slow-motion, it is revealed that Max quickly reached into his pocket, then pulled out the answers through the hat. At Max's rally, Buster and Babs greet him backstage in disguise: Buster as Southern woman "Suzie Slimeball," and Babs as "J. Pondscum Backstab." They claim they are part of the "Acme Dirty Tricks Political Party" and want to run him for higher office. They persuade Max to explain the dirty trick he played on Buster, which Plucky secretly films and projects to the crowd. The backlash results in Max getting kicked out of school and Buster winning the election.
Underneath a bridge, Hamton laments that the story still does not explain what "Acme" means. Buster theorizes that "Acme" was something he could not buy, like friendship. Suddenly, Max shouts to the three that he did not say "Acme," he said "acne," as in pimples. Hamton faints in shock. The camera pans from Max's mansion, which is revealed to be a model on a table. Pete Puma walks in as the "The End" on the model falls apart.