Max Bialystock, played by Zero Mostel, is a once-prominent Broadway producer now trapped in a cycle of failures. His current existence is a struggle for financial survival, spent courting wealthy but elderly women to fund his next theatrical endeavor, which may never see the light of day. In a desperate attempt to escape his mounting financial troubles, he hides in his office from persistent creditors and disgruntled investors, clinging to framed photographs of his female companions, altering which one he displays based on who is visiting him that day. Rent has long been overdue, further heightening the tension of his precarious situation.
In enters Leo Bloom, portrayed by Gene Wilder, a timid accountant with a penchant for anxiety. The moment he arrives at Bialystock's office to audit the books, it becomes clear that he is not just any accountant; he carries a small security blanket in his pocket, which sends him into a frenzy if taken from him. As Bloom inspects the accounts, he uncovers a significant error – a two-thousand-dollar overcharge from Bialystock's last production that raised $60,000 yet only spent $58,000. This revelation opens a door to a greater scheme as Max convinces Leo to hide the discrepancy. The plan suggests that if a play is guaranteed to flop, the IRS is unlikely to investigate its finances, thus making it possible for Bialystock to profit illegally from the production's failure.
So begins their audacious venture: to create a guaranteed flop by once again overselling shares on a grand scale while producing a show that is destined to close on opening night. The duo quickly realizes that in order for their plan to succeed without any repercussions, they must select the perfect production. They stumble upon the most questionable option imaginable – Springtime for Hitler: A Gay Romp with Adolf and Eva at Berchtesgaden, a shockingly irreverent piece penned by the eccentric former Nazi, Kenneth Mars. The naive, yet earnest, Franz Liebkind is all too eager to sign over the rights, believing that they want to show the world a loving portrayal of Hitler.
To ensure the production is a disaster, they recruit flamboyant director Christopher Hewett, whose past works have all flopped. The role of Hitler is filled by the hapless flower child Lorenzo St. DuBois, or L.S.D., played by Dick Shawn, who barely grasps the nature of the role he has taken on. As Max sells an outrageous 25,000% of the show to his aging investors, they decorate the office and employ a new receptionist, Ulla, creating an illusion of success.
When the curtain rises on opening night, the audacious musical kicks off with the title song, "Springtime For Hitler", which is a grotesque yet cheery celebration of Nazi Germany's conquests. Max's plan to ensure a scathing review by bribing The New York Times critic, however, backfires spectacularly. The audience, instead of reacting with horror, finds L.S.D.'s performance both hilarious and satirical, completely misinterpreting the intention behind the production.
As intermission unfolds, patrons rave about the standout absurdities, leaving Max and Leo in a state of disbelief as their expectations are turned upside down. Meanwhile, Franz's anger boils over upon seeing his beloved work ridiculed, leading him to confront the audience indignantly. Yet, unable to handle the disruption, someone takes action to swiftly remove him from the stage—leading the audience to believe his outburst was simply part of the performance.
To the shock of Max and Leo, Springtime For Hitler becomes an unexpected sensation, resulting in the exact conundrum they attempted to evade—investors now expect returns that can’t be paid. As tensions rise between the partners, they are soon threatened by an irate Franz, who feels betrayed and accuses them of violating their agreement. In a moment of unity, they plot to end their production in spectacular fashion by blowing up the theater.
This act of desperation lands them in court, where Leo delivers an emotional plea about Max’s character, calling him both brilliant and selfish. Despite their heartfelt defense, the jury finds them criminally guilty, sealing their fates with a prison sentence. In the end, Max, Leo, and Franz find a peculiar way to adapt to their new lives, continuing to create plays even behind bars, with Leo carrying on their original scheme of over-selling shares to fellow inmates—including the warden. The final song, "Prisoners of Love," closes the story as credits roll, leaving the audience with a bittersweet yet humorous resolution.