Buck finishes setting up stockings as Chuck anxiously waits for Santa to come down the chimney. Buck tells him that if he stays awake Santa won't show up, so he gets ready to sleep. The doorbell rings and Buck answers to find Cryptie, who tells him about his plan to catch Santa to prove his existence. He sees Chuck preparing cookies and milk near the fireplace and decides he finds the perfect place to wait.
Meanwhile, Lifty and Shifty are shown to be stealing presents from houses. Shifty, dressed as Santa, lets out a "Ho ho ho!" as a victory laugh. He places a sack of the stolen gifts in a sleigh being pulled by Lifty, dressed as a reindeer.
Later that night, Buck goes to his bedroom while Chuck sleeps on the couch (hoping to see Santa in action). Cryptie sets up some cameras and nets in the chimney as well as a bear trap over the cookies and milk. He sits on the couch and pretends to sleep, soon falling asleep for real. Lifty and Shifty arrive just on the rooftop and plan to sneak down the chimney. They get caught in the nets and soon get tangled up. The nets break and they fall down.
Lifty and Shifty sneak into the room and steal the presents. Chuck wakes up from the noise and sees Shifty, believing him to be Santa, near the tree. He lets out a huge smile and walks over to meet him. Lifty sees the cookies and milk and reaches for a snack, only to be caught in the bear trap. His scream wakes up Cryptie and he places a net over him. Shifty realizes his cover has been blown, but Chuck distracts him by telling him about his Christmas list.
Shifty runs off with Chuck chasing him. Lifty follows when Cryptie loses grip of the net. They climb back up the chimney and Cryptie decides to follow them up. Meanwhile in Buck's bedroom, the beaver has a hard time sleeping from the cold. He wakes up and goes toward the chimney, and Chuck tells him he met Santa. Back up the chimney, Lifty and Shifty nearly make the exit. However, Cryptie grabs their legs. In order to warm up, Buck lights and sets the fireplace aflame. The chimney shoots out a firey explosion. Lifty and Shifty are sent into the air. Chuck sees them outside his window and thinks it is Santa flying his sleigh.
In the morning, Buck discovers the presents are missing. However, he finds one item under the tree: Cryptie's charred helmet.
- Cryptie is burnt to death.
- Lifty and Shifty are shot out of the chimney and fall to their deaths.
- Lifty and Shifty did the same thing they did in Easy For You to Sleigh. However, this time Shifty wore a Santa outfit while Lifty wore a reindeer outfit.