Charlie Carbone (JERRY O'CONNELL) and Louis Fucci (ANTHONY ANDERSON) have been best friends ever since Louis saved Charlie's life some 20 years ago. Since then, Charlie's stepfather, Sal Maggio (CHRISTOPHER WALKEN), has set him up with his own beauty salon, while Louis can't seem to find a legit job. His latest "employment" -- delivering stolen TVs in a stolen truck - inadvertently leads the police to Sal's warehouse of stolen goods.
Sal obviously isn't pleased and thus gives the two one last chance to prove their worth. They're to travel to Australia and deliver a package to Mr. Smith (MARTON CSOKAS). Once there and after discovering that it contains fifty-grand, they accidentally hit and believe they've killed a kangaroo. Louis then thinks it would be funny to dress it up like a Brooklyn mobster they know, including the use of his lucky jacket.
It turns out to be rather unlucky as the kangaroo isn't dead and has now hopped off with the money that's in the jacket. Realizing they're in big trouble if they don't get it back, they enlist the aid of crusty bush pilot Blue (BILL HUNTER) as well as Jessie (ESTELLA WARREN) from the Outback Wildlife Foundation to help them find the kangaroo.
Meanwhile, upon hearing that they've lost the money, Sal sends his protégé, Frankie (MICHAEL SHANNON), down under to make sure everything is executed as planned, just as Mr. Smith similarly sets out to find them. With two sets of mobsters after them, Charlie and Louis try to catch the kangaroo and retrieve the money before it's too late.