Following the events of their accidental ghost-busting debut, the washed-up actors of Specter Management Inc. have found unexpected fame. They now have a cheesy reality show on a second-tier streaming platform, endorsement deals, and Jerry Starks (Lou Diamond Phillips) is landing roles in D-list action movies again.
Despite their initial success, their fame catches the eye of Brock Maverick (Lee Majors), a former action star from the ‘70s and host of Ghost Force Alpha, a rival ghost-hunting show. Brock, still clinging to his tough-guy persona, publicly mocks Specter Management Inc., claiming their success is a fluke and calling them “amateurs” on national TV. His fiery business partner, Margarita (Charo), insists on turning the feud into a ratings war to boost their own popularity.
With their reputations on the line, the two ghost-hunting teams engage in a series of increasingly absurd attempts to outdo each other. Jerry’s team deploys Crazy Eddie’s (Gary Busey) wild gadgets, which range from the barely functional to the dangerously unpredictable, while Brock relies on old-school bravado and outdated action star tactics. Their dueling ghost hunts are a mixture of slapstick mishaps and escalating chaos, with each team trying to prove their superiority to audiences and social media followers.
In an attempt to settle the score once and for all, both teams target the most infamous haunted location in the country: a cursed theme park that shut down in the late ‘80s. The theme park is rumored to be the site of sinister paranormal activity, making it the perfect place to stage their final showdown. However, in their quest for ghost-hunting glory, the two teams accidentally trigger a catastrophic chain of events. They unknowingly activate a series of ancient, cursed relics hidden within the park’s creepy funhouse, opening a massive portal to the paranormal realm. With ghosts, spectral clowns, and possessed animatronics running wild, the two rival teams find themselves in over their heads.
As the situation spirals out of control, Brock’s stubbornness and Jerry’s ego threaten to make things worse. Margarita (Charo) browbeats Brock into cooperating with the Specter Management Inc. team, pushing the rivals into a reluctant alliance. While the two groups struggle to get along, Crazy Eddie and Margarita end up taking charge, combining Eddie’s wacky gadgets with Margarita’s no-nonsense approach to turn the tide. The film builds to a climactic showdown at the park’s Ferris wheel, which has become possessed and is spinning wildly out of control. The combined efforts of the two teams lead to plenty of slapstick humor, with Jerry and Brock clashing over whose plan to follow while Linda (Shannon Elizabeth) and Rick (Judge Reinhold) bicker over who gets more screen time. In the end, Margarita and Eddie come up with an unorthodox plan involving Eddie’s homemade ghost vacuum and Margarita’s fiery determination to save the day. After closing the portal and restoring order, both teams are hailed as heroes, and their unlikely partnership goes viral, earning them another wave of fame. However, just as they’re celebrating their victory, Crazy Eddie again
ominously warns that “this isn’t over,” hinting at more supernatural trouble on the horizon. The film ends with a shot of the old theme park, now quiet, but with a spectral figure lurking in the shadows.
