Four small gangsters from Copenhagen trick a gangster boss: they take over 4,000,000 kroner which they were supposed to bring him. Trying to escape to Barcelona they are forced to stop in the countryside, in an old, wrecked house, hiding there for several weeks. Slowly, one after another, they realize, that they would like to stay there, start a new life.
100 miles north, a bit east and up, is Pinchcliffe, the home of bicycle repairman Reodor Felgen and his two assistants, Solan Gundersen and Ludvig. Sponsored by oil sheik Ben Redic Fy Fazan, they build the car "Il Tempo Gigante" to race against Reodor's former assistant Rudolf Blodstrupmoen, who has stolen one of Reodor's inventions to become a world racing champion.
The first of 14 Olsen Gang films presents us with Egon Olsen, head of the gang, and his friends Benny and Kjeld, who want to become the best known gang in Denmark and eventually Europe by stealing a famous Bavarian work of art currently displayed in a Copenhagen museum. Although Egon's plan works out fine, there is only trouble ahead for the little gang.
