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.
Egon and the gang are hired to stage a robbery of an antique Chinese vase for an economically challenged baron. Naturally they fooled, which infuriates Egon. The gang tries to get back at the baron by switching the vase with a cheap Hong Kong copy. One attempt is made during the barons hunting party, where Egon ends up being bricked up in the catacombs. In another attempt, the gang has to coordinate breaking through several walls at The Royal Theater in Copenhagen with the "Elverhøj" overture.
Egon and his two cronies managed to sneak a fortune with them to Spain. Here they live a life in a whirl of pleasures, but they are not truly happy. While Egon always has the money chained to him, Bøffen still manages to steal them. Egon ends up in jail once again, and when he comes out, he has a brilliant plan.
