The much loved trio of felons ' the Olsen Gang ' stand bright in the spotlight of the national film heritage. Egon has been brought up in a children's home and he is determined to find a prosperous family. He is soon swept off by adoptive parents who trick him into believing they are millionaires. He wises up when he discovers his new home is a cell at a military base. Egon makes his escape, and in doing so he overhears the plans his captors have in mind: now that they have paid the boy's home for all Egon's records, Egon has to all intents and purposes ceased to exist, and they can use him as a guinea pig for their clandestine space project which will send Egon orbiting the earth and perhaps to his doom. But Egon is hard to nail down and besides, he has a plan!