Mat is contented working as a rag-and-bone man. He is offered a paper bag that he thinks is just filled with shards of glass. It turns out to contain jewels worth millions of dollars that he unknowingly gives away to his friend Hamid. The owner sends his henchmen on a wild goose chase to hunt down the bag. This bewilders Mat as he is forced to be on the run. He puts on various disguises and encounters a slew of obstacles and colourful characters along the way.

Following the events in Mat Bond, Mat arrives in the kingdom of Darul Funfair and finds himself entangled in a sinister conspiracy of a corrupt minister attempting to poison the Sultan of Darul Funfair and preventing the crown prince from ascending the throne. The crown prince (a doppelganger of Mat) who is disinterested in being a royal, escapes and Mat is mistaken for the prince by the royal guards and the Sultan. In typical Mat fashion, he basks in the chaos and confusion of the mixed identities situation and brings the evildoers on a wild goose chase in search of a missing crown jewel.