As the Lambda Lambda Lambdas gear up for their journey to the national fraternity convention in Fort Lauderdale, Florida, Lewis' loyal friend Gilbert is left behind due to a leg injury suffered during an intense game of chess. Upon arrival at the Royal Flamingo Hotel, the group's spirit is dampened when trainee Sunny delivers troubling news: their reservation has been mysteriously canceled and reassigned to the Alpha Betas. The hotel's acting manager, Buzz, frankly admits that they prefer more "refined clientele," suggesting that the Tri-Lambs might be better off elsewhere.
Unfazed, Poindexter sets out to find suitable lodging and discovers a somewhat questionable place labeled the Hotel Coral Essex, situated in a less-than-desirable neighborhood. With a reservation in hand, the Lambdas soon meet Stewart, a shy bellhop with an enthusiasm for technology, who could prove to be a valuable ally.
Meanwhile, Roger Latimer, the president of the local Alpha Beta chapter, hatches a duplicitous scheme to rid themselves of the Tri-Lambda presence. He collaborates with Ogre and his fellow Alphas, plotting to create an embarrassing scene that would force the Lambdas to exit early from the conference.
As the Lambdas head to the United Fraternity pre-conference barbecue, they unintentionally navigate through the Florida swamps, thanks to Roger's intentionally misleading directions. Their adventure takes a bizarre twist when they encounter a group of Seminole Indians in a crafted ancient Mayan temple, a trap laid by the Alphas for their humiliation.
Captured and stripped down to their underwear, the Lambdas find themselves fleeing from aggressive alligators. Their predicament worsens as they contend with Ogre's relentless pursuit, leaving them exposed and vulnerable.
The following day unfolds chaotically when Roger introduces Proposition 15, a rule aimed at enforcing physical and academic excellence among attendees. However, Lewis’ thoughtful objections are drowned out by the commotion of a wet-nightie contest nearby. Seizing the moment, the Tri-Lambdas throw a grand party at the Hotel Coral Essex, mischievously altering their neon sign to read "Hot oral sex," captivating the attention of onlookers. They entertain the crowd with a raucous performance titled "No On 15," capturing hearts and ultimately defeating Proposition 15.
In a surprising twist, Roger extends a hand to the Tri-Lambdas, proposing a bylaw to expel any fraternity found guilty of criminal activity from the conference. Confident in their newfound security, the Lambdas warmly accept the offer of friendship and claim the luxurious suite at the Royal Flamingo.
As the events unfold, Roger assigns Sunny the task of gathering girls for a beach trip. At the beach, Sunny and Lewis grow closer, but their joy is short-lived when Roger reports his car stolen, leading to the Tri-Lambdas' arrest.
After Stewart and Sunny bail them out, Sunny expresses deep regret, while Lewis remains skeptical. In an opportunistic move, the Alpha Betas kidnap the Tri-Lambdas and Sunny, abandoning them on a deserted island. Disillusioned by Roger’s betrayal, Sunny instinctively jumps into the ocean, prompting the others to toss Ogre into the water, despite his inability to swim.
At the pivotal moment, Wormser saves Ogre from drowning. A shared experience on the island, fueled by Booger's stash, helps the group discover their similarities and bond over their unexpected circumstances.
That night, Lewis dreams of Gilbert, who encourages him not to give up and reflects on his treatment of Sunny. This poignant reminder inspires Lewis to apologize and collaborate with Sunny to develop a plan for escaping the island.
As dawn breaks, the Tri-Lambs uncover a hidden stash belonging to a Cuban military officer, including a versatile amphibious vehicle. Meanwhile, Roger prepares to lead an essential conference with intentions to kick out the Tri-Lambdas. Little does he know, a dramatic showdown awaits.
With military garb on, the Tri-Lambs storm the conference room, demolishing obstacles in their path as they crash the proceedings in a spectacular fashion. They steer the attendees towards the pool area, creating a scene of chaos and excitement.
Amidst the commotion, Sunny exposes Roger's betrayal, revealing his orchestration of their kidnapping. Fueled by indignation, Lewis delivers a punch that sends Roger plunging into the pool, shocking everyone present.
An emergency meeting of the fraternity council promptly results in Roger and his Alpha cohorts being stripped of their authority and charter, leaving them vulnerable and dethroned.
As tensions clear on campus, Lewis and Gilbert step into leadership roles, ushering in a new era for Lambda Lambda Lambda by inducting Ogre in a memorable ceremony that would solidify their bond for years to come.
