In a daring move, best friends Lewis Skolnick and Gilbert Lowe step out of their comfort zone to enroll in the computer science program at Adams College, forming a dynamic duo of enthusiastic scholars. Unfortunately, their naive enthusiasm quickly dissipates when the arrogant Alpha Betas, a fraternity that operates as if they are untouchable, take control of the freshman dorms, forcefully booting the newcomers into the outside world. Without a place to call home, Dean Ulich intervenes, temporarily housing the freshmen in the gymnasium and allowing them to participate in the rush process for the various fraternities on campus.
Despite their efforts, Lewis, Gilbert, and their fellow geniuses find themselves rejected by the popular fraternities, leading them to engage in the renovation of a rundown house on the outskirts of campus. As they make themselves comfortable in their new residence, the Alpha Betas, spearheaded by the charming quarterback Stan Gable, grow increasingly agitated by the nerds' unexpected triumphs. Fueled by his inflated ego, Stan resorts to a series of vindictive pranks designed to shatter the nerds' newfound contentment. His antics begin with the audacious act of hurling a rock through their window, taunting with the message, >"Nerds, get out!"
While understandably upset by these events, the nerds report the incidents to campus authorities, only to be met with indifference from the Greek Council, which appears more interested in upholding its own traditions than defending the underdog. In a bid to reclaim their dignity, the nerds set their sights on joining a national fraternity for a sense of status and protection. After receiving an astonishing 29 rejection letters, hope finally glimmers when they get an invitation from the enigmatic Lambda Lambda Lambda, or Tri-Lambs, led by the charismatic U.N. Jefferson. Just when it seems that all is lost, Poindexter discovers an essential detail within the Tri-Lambs' rulebook: probationary membership is granted to all applicants.
Seizing this opportunity, Lewis and Gilbert throw a lively party for their new fraternity brothers, inviting the endearing Omega Mu sorority, including Gilbert's girlfriend Judy. Though the initial atmosphere is calm, it takes a wild turn when Booger introduces an impressive stash of high-quality marijuana. However, plans are soon disrupted as the Alpha Betas and Pi Delta Pis, the sorority led by Stan, crash the festivities, releasing a trio of pigs and sending chaos into the mix. In retaliation, the nerds execute clever pranks that leave their rivals reeling, ultimately earning the respect and full membership in the Lambda Lambda Lambda from U.N. Jefferson.
As the relentless harassment from the Alpha Betas escalates, Stan effectively undermines any attempt by the Greek Council to penalize his fraternity. Realizing that their only hope lies in infiltrating the Council itself, the nerds devise a strategy to elect one of their own as president through a triumphant victory in the Homecoming Greek Games. By joining forces with the Omega Mus and leveraging their collective intellectual prowess, the Tri-Lambs put up a remarkable effort against the Alpha Betas and Pi Delta Pis during the athletic events. Meanwhile, at a charity fundraiser, the nerds' cheeky strategy of offering pies inscribed with risqué images of Betty and other Pi Delta Pis turns out to be a major success, overshadowing the efforts of the Alpha Betas.
Amidst the pandemonium, Lewis’s secret infatuation with Betty leads him to pilfer Stan’s costume and cunningly woo her into engaging in romantic encounters. As the Tri-Lambs shine with an impressive techno-computer-driven musical production, they emerge victorious overall. In the aftermath, Lewis nominates Gilbert as the new Council president. Coach Harris expresses his ire towards the Alpha Betas for succumbing to the nerds' superior tactics, prompting Stan to incite his fraternity brothers into a vengeful rampage against Tri-Lamb property.
Feeling increasingly marginalized, the Tri-Lambs find their spirits dampened. Yet, Gilbert seizes the moment to disrupt the Homecoming Pep Rally and vocalize his discontent. The Alpha Betas attempt to halt him, but U.N. Jefferson and a powerful contingent of national Tri-Lamb alumni arrive, providing Gilbert a platform to challenge discrimination. Joined by his fellow Tri-Lambs and an adoring Betty, who publicly declares her affection for one of the nerds, they effectively shame the Alpha Betas into submission. In a decisive turn of events, Dean Ulich instructs Coach Harris that the Tri-Lambs are to occupy the Alpha Beta house, while the Alpha Betas shall be moved to the gym until their property is restored.
