Little Red Riding Hood, a.k.a. Red (ANNE HATHAWAY), is on her way to see her Granny (GLENN CLOSE), but isn't fooled by the Wolf (PATRICK WARBURTON) who's dressed up like her in bed. Just as she outs him and Granny literally comes out of the closet, the Woodsman (JIM BELUSHI) comes crashing through the front window, wielding an ax and an anxious look on his face.
Soon thereafter, the cops arrive in the form of Police Chief Grizzly (XZIBIT) and his subordinate Bill Stork (ANTHONY ANDERSON) who wonder if this might be related to the work of the Goody Bandit who's been stealing recipes from local shops. The four participants try to tell their version of the story, but it's up to debonair detective Nicky Flippers (DAVID OGDEN STIERS) to listen to each tale and then try to figure out who's telling the truth.
As Red, Wolf, the Woodsman and Granny tell their stories one by one, and we hear of other characters that might be involved such as Wolf's hyperactive squirrel assistant Twitchy (CORY EDWARDS) and Red's questionable rabbit acquaintance Boingo (ANDY DICK), Nicky and the others try to sort through their tales that all are told from similar yet different perspectives.