At the Krusty Krab, it is a very slow day with no customers. Mr. Krabs hears SpongeBob shout “Eight gold doubloons! I’m rich!” Upon hearing this, he jumps over to SpongeBob to take the coins for himself. SpongeBob explains to him that he and Patrick are merely playing a board game called “The Flying Dutchman’s Treasure Hunt,” which is based on a real treasure map. Mr. Krabs sits down to play with them, and wins the game. He instantly becomes addicted, and continues to play with them, winning 17 times in a row. They play until late at night, when SpongeBob gets tired and wants to go to bed. Despite Mr. Krabs attempts to persuade him to stay and play more, SpongeBob goes home to get some sleep, much to Mr. Krabs’ disappointment.
The following morning, SpongeBob wakes up to see Mr. Krabs in a pirate ship outside his house. Mr. Krabs tells him that they are going to be real pirates and go on a real treasure hunt, and SpongeBob and Patrick eagerly join him. However, the two struggle to learn how to act like “real” pirates, and end up causing the boat to crash. The trio are forced to continue on foot, following instructions from the map, read by Mr. Krabs, who also tells them that they are not allowed to look at the map. Eventually, the map tells them to go 10,000 paces East, and Mr. Krabs asks Patrick which way is East. He looks at a compass, and points West. After walking 10,000 paces West, they realize that they have taken the wrong direction, and begin walking back.
After going around 20,000 paces East, they are exhausted, and set up a camp to stay for the night. While trying to fall asleep, SpongeBob and Patrick get excited and decide to look at the map. When they open it, they realize that it is actually their board game taped to a piece of paper. Mr. Krabs catches them, and they beg for mercy outside. However, his anger is forgotten when they realize that they are directly on top of the “X” that marks the spot, and start digging. (SpongeBob and Patrick use their hands to dig instead of shovels) They find the treasure, and SpongeBob and Patrick ask each other what they will do with their shares. Upon hearing this, Mr. Krabs says that, he being the captain, all of the treasure belongs to him. They begin fighting over the chest, and their arguing wakes up The Flying Dutchman, who appears and congratulates SpongeBob and Patrick for saving him “a lot of digging”. He takes the treasure, but gives them two gold coins. Mr. Krabs asks for a reward, but only receives a tiny plastic treasure chest, which the Dutchman explains is “based on a real treasure chest!” as he disappears, laughing maniacally.