Peter Pan is given a treasure map to the Mermaid Queen's treasure. Captain Hook tries to get the map from Peter but only gets half after he accidentally cuts it in half. Tinker Bell tries to find the map on Hook's ship, but is captured and held for ransom. After fooling Hook with a fake map, Peter gets both halves of the map and takes Wendy and Peter and the Lost Boys with him on a boat to find the treasure at Skull Rock. Hook and his crew follow him and there's a battle over the treasure.