The show starts at night, at a patch of rocks in the ocean where Team Rocket's Magikarp sub is beached. Jessie and James are on repairing it, but not without some complaining from James. Meowth, meanwhile, is immensely enjoying himself with a small puddle of clams he discovered. James jumps down and shakes him, telling him that he should learn Pay Day so that they could get some money. Meowth tells him that can't since he learned how to talk, and Jessie walks over, commenting that she heard a coin. She swings James around for a bit, and a small circular object comes out of his shirt. It's just a bottlecap.
Jessie points out to sea, where Ash, Misty, and Tracey are riding Lapras, trying to find a place to spend the night. They hop into their sub and pop out of the water near them. They say their motto, but the sub suddenly starts to sink. Ash sends out Squirtle and uses Water Gun, which fling Jessie and James into the air. It then hops onto the sub and hits Meowth from point-blank range, blasting him into the air. He flies over the spot where Jessie and James landed, and falls onto a secluded island.
During this time on this island, a large group of people gather in front of a huge statue of Meowth. A man dressed somewhat like a cat addresses them and says that the "Meowth of Bounty" is going to come to the island bestow great wealth. After Team Rocket's Meowth lands, a few of the people pick him up on put him on a platform. They take him to in front of all the people, and he looks around, confused. He looks down and sees all the people bowing down before him. The leader welcomes him and tells him to eat the fruit that is near him. Meowth tells him that he won't be able to pay for it, and everyone is astounded that he can talk. Meowth gets worried.
The leader talks to an elder standing near him, but he is assured that the "Meowth of Bounty" is supposed to be very special and this is just one of it's powers. The elder also tells him that before they start the "Bounty Ceremony", they must put Meowth in good spirits. Meowth tries to sneak away, but stops when everyone starts bowing again, calling him the "Meowth of Bounty". It dawns on him that they think that he's a god of some sort and plans to stay.
The next day, Meowth is still eating. He orders some meatballs, and they are brought to him quickly. He orders some entertainment, and several beautiful dancers come out. Later, he sits on a cliff strumming a guitar. He wishes aloud that Jessie and James were there with him. Suddenly, he notices Ash and his friends approaching on Lapras. He imagines what they'd do if they discovered what was going on, and rushes over to a lookout tower. He tells the people there to throw Ash and his friends off the island, and the "Meowth of Bounty Guard" is deployed. It turns out to be a huge, mechanical Meowth controlled by several of the islanders.
Ash and his friends walk along a path and feel a rumbling. The huge Meowth appears and tries to hit them with its paw. Pikachu shocks it, but it doesn't do anything. They run away, but get stuck on a cliff. The Meowth rolls up and pushes them off into the water. They leave in search of friendlier people. Back at the throne area, the leader tells Meowth that they've been ejected, but that two more people have shown up. The Meowth Guard shows up, holding Jessie and James. They tell him to make the Guard put them down, but he tells the islanders that he's never seen them before. He even tells them to throw them off the island as well, since he figures they'd wreck his happiness too. He looks pained to say it, but it is done.
After they are thrown into the water, Jessie and James ask the leader why they are worshipping Meowth, and he tells them. They don't believe him for an instant, and sneak back on the island disguised as a bush. They approach the throne area and see several beautiful girls feeding him. The leader and his elderly advisor show up, saying that it is time for the "bounty ceremony" to begin. Meowth gets nervous, since he doesn't know Pay Day, and tries to leave, but gets scooped up by the Meowth Guard. It shakes him, but nothing happens. Meowth tells him that he can't use Pay Day.
When the leader hears this, he is infuriated, but the elder tells him that since he hasn't used Pay Day for so long, he has forgotten how. He tells the leader that all Meowth needs is some experience and it will be able to use it again. Meowth tells him that no amount of experience will make it learn Pay Day, but the elder doesn't believe him, thinking that he's just testing their trust. The Guard carries him to a stadium, and Jessie and James follow.
Moments later, Meowth is tossed into a large stadium with several hundred people inside. Jessie and James dress up as islanders and go inside as well. A gate opens, and a large Nidoking starts to chase him around, poking him with its horn. He gets tired soon, and several islanders jump onto the field to search for coins. There are none, and an Onix comes out to give Meowth more experience. As he takes a beating, Jessie and James remember some things that they went through together. They get up.
Suddenly, a coin flies out from somewhere and hits Onix in the forehead. It drops Meowth, and more coins appear. The islanders start to gather them up, but Meowth doesn't know how he did it. We find out that he didn't, as we see Jessie tossing them out from a dark doorway. James throws out his bottlecaps, Jessie tells James that Meowth will most likely be happier on the island and they set off.
Later, the islanders greatly thank Meowth. They ask him to stay and be their leader, and he is about to accept when he notices one of James's bottle caps among the coins. He realizes what Jessie and James did, and runs off to find them. He reaches the shore but can't find them anywhere. The islanders show up again, and tell him that he needs to stay with them and rule them. He tells them the truth about himself, and how he can only be truly happy with them. Touched, Jessie and James step out from behind a rock and ask him to rejoin them. He asks them if they're mad at them, but they forgive him. He jumps onto the sub, and with a few departing words, they set off.
Meanwhile, Ash and his friends talk about the island. Misty and Tracey throw out some suggestions as to why the big Meowth threw them off, but they dismiss it all. That evening, Team Rocket fishes from the sub. Jessie and James comment that if it's true all Meowth needs is some experience and he'll learn Pay Day, it's worth a try. Meowth's yells ring into the night.