Ashley, a spoiled brat, receives a new gift and promptly discards her old teddy bear, Todd. However, that night, Todd has other plans, dragging her into the closet and ripping out her eyes in a terrifying twist. Meanwhile, Jack (Karl Holt), a once-promising toy designer, struggles to maintain his independence after the tragic death of his parents in a freak accident on his 35th birthday. Ten months later, Jack faces significant financial difficulties as he juggles the burdens of maintenance and mortgage, all while a man named David convinces him to sell his house.
In his professional life, Jack feels threatened by his colleague, Richard (George Collie), who has just been awarded Designer of the Year. Following the continual failures of his toy designs, Jack faces the humiliation of being fired and subsequently rehired for a lower-waged position by his boss, Ron (James Parsons). Faced with mounting responsibilities, Jack makes a tough decision to grow up: he begins the process of selling his house and, with a heavy heart, tosses away his cherished childhood toy, Benny, a stuffed puppy.
What Jack doesn't realize is that Benny isn't ready to be discarded so easily. After a series of chaotic events, where Benny wreaks havoc on his plush companions, Jack finds himself needing to call in the police, only to be met with mockery from the officers, Good Cop (Darren Benedict) and Bad Cop (Anthony Styles). On the plus side, Jack crosses paths with Dawn (Claire Cartwright), a tech consultant, and the two begin to develop a romantic relationship.
Things take a dark turn when Jack discovers David's head on his bed and the body in a chair the next morning, blood splattered throughout the house. Desperate to cover up his grisly discovery, he narrowly escapes capture by the police while trying to keep his home (or his sanity) intact. As Benny continues to cause chaos, culminating in the brutal destruction of a cat, Jack reaches a breaking point. He manages to convince Benny to spare any further violence, leading to a questionable partnership fueled by creativity.
Inspired by Benny’s wild antics, Jack begins to design toys again, impressing Ron and fostering a deeper connection with Dawn. However, when a realtor shows a potential buyer named Tara (Lydia Hourihan) around his home, Benny's murderous instincts come to light again, leading to a series of calamitous events that result in Tara hiding in Jack's attic for her safety.
As the chaos unfolds, Jack attempts to contain Benny by confining him to a box during his date with Dawn, but the plan backfires when Benny escapes and viciously attacks Ron's dog, leading to convoluted schemes of fake deaths and ultimately, murder. As Jack grapples with the fallout, he finds himself further entwined in Benny's chaotic world, with his life spiraling into madness.
In the climactic showdown, Jack, Dawn, and Richard devise a plan to outsmart Benny, who is armed and dangerous. The battle leads to shocking betrayals and unexpected alliances, culminating in a dramatic confrontation that leaves Jack and Dawn to face the aftermath. Two months later, the couple seems to have a fresh start, with the police officers covering for their actions involving Benny. However, in a haunting post-credit scene, the fate of Tara is revealed, tragically succumbing to her dire circumstances hidden away in the attic.
