Teenager Drew Decker finds herself home alone one evening when a mysterious phone call interrupts her peace. The caller relentlessly tries to uncover her identity, but Drew remains tight-lipped, only to be alarmed when he chillingly reveals that he is watching her. In a panic, she grabs a baseball bat and rushes to the front door, mistakenly attacking a group of unsuspecting trick-or-treaters. The true horror unfolds as the caller appears inside her home, donning a Ghostface costume, and a terrifying chase ensues. During the fray, he violently tears away her clothing, leaving her exposed in her white bra and thong. Seeking escape, Drew leaps into a sprinkler system while clad in her bikini; however, the killer catches up and brutally stabs her, removing an implant in the process. Desperately fleeing, she spots her father but tragically meets her end as he runs her over, distracted by her mother’s indecent activity.
Meanwhile, Cindy Campbell is preoccupied on her computer when her boyfriend Bobby Prinze unexpectedly appears at her window. Bobby's frustration is palpable as he laments that their relationship “isn't going anywhere,” hinting at an underlying issue—namely, their lack of intimacy. Despite his earnestness, Cindy prioritizes her own comfort and dismisses his concerns, prompting Bobby to leave in disappointment.
The next day, while at school, Cindy and her friends—Brenda Meeks, Greg Phillipe, Ray Wilkins, and Buffy Gilmore—gather as news crews swarm to cover the shocking murder of Drew Decker. The coverage is relentless, with the most prominent reporter being Gail Hailstorm, the author of a volume titled You're Dead, I'm Rich. Cindy’s alarm escalates as she notes that Drew’s murder coincidentally falls exactly one year after a fateful night when she and her friends accidentally caused the death of a man during a drunken driving incident, hastily disposing of his body at a pier. Scared and guilt-ridden, Greg pressures the group to come clean about that night, resorting to aggression when Cindy shows hesitation.
As events unfold, Cindy gets an ominous note suggesting someone knows about their past crime. When she glances out, she spots the killer waving menacingly. At football practice, Greg suffers the humiliation of a note exposing his intimate anatomy, leading him to vent his frustrations to Cindy and the others, only to be mocked.
During a beauty pageant, Buffy delivers a dramatic performance, but the atmosphere turns grim when the killer strikes, eliminating Greg from the audience. In the chaos, Buffy attempts to alert everyone, but her warnings are misconstrued as part of her act, leading to her own victory and aloofness about Greg's demise.
The plot thickens when Cindy faces off against the killer that night, only to have him slip away after she calls the police. Bobby appears, brandishing the same knife, resulting in his arrest. Despite this, a call from the real killer leads to Bobby's release. Their subsequent reunion teeters on awkwardness, exacerbated by Cindy's ongoing grappling with her feelings over member Ginger Spice exiting the Spice Girls.
The tension escalates with the killer ambushing Buffy in the locker room, where her sarcastic commentary does little to save her life as the killer ultimately silences her forever. Meanwhile, Ray experiences an unexpected death shortly after doing something unsavory in a bathroom stall, and Brenda meets an unfortunate fate when patrons mistakenly remove her before the killer can act.
During a house party, Cindy and Bobby finally share a more intimate moment, however, the night leads to peril as the killer arrives at Shorty’s house, only to find himself distracted by their antics. After some comedic exchanges, the killer turns deadly, proving that even a comedy can take a grim turn.
Back at Cindy's residence, she tends to Bobby’s supposed injuries which turn out to be a ruse. Revealing their twisted plot, Bobby and Ray schematically plan to blame their murderous instincts on horror clichés. The delightful banter turns explosive when reality sets in, and they are interrupted by the real killer, resulting in a bloody showdown.
With the climax approaching, it is revealed that Doofy, Buffy's brother, faked his disability and is behind the sadistic killings, collaborating with the nefarious journalist, Gail. Chaos ensues as they flee, leaving Cindy in a precarious situation. In a dramatic twist, Cindy's cries are cut short when she is run over by a car driven by a distracted individual indulging in other activities.
As the credits roll, the audience is treated to two humorous scenes as Shorty shares his dubious plans, and Doofy has an unsettling romantic moment with a vacuum cleaner, wrapping up this darkly comedic tale.
