After a long and golden dormancy, the Leprechaun is brought back to life by three bungling rap artists looking to launch their music career. When Butch, Postmaster P, and Stray Bullet loot he local hip-hop mogul's studio to fund their album, the threesome unwittingly ends up with the secret of Mack Daddy's success: a magical flute. Their gigs instantly turn golden but a blood-thirsty Leprechaun and an angry Mack Daddy are hot on their trail, leaving a wake of destruction tainted by politically incorrect limericks.