Oscar, an underachieving blue streak cleaner wrasse, owes money to his boss and attempts to pawn a pearl. He becomes distracted at the racetrack and places a million-dollar bet on a long shot. When the bet fails, Oscar faces punishment. Meanwhile, in the wreck of the RMS Titanic, a family of great white sharks has a problem with their vegetarian son, Lenny. Lenny is sent to attack Oscar, but instead, he frees him before getting killed by an anchor. Oscar becomes known as the Sharkslayer and enjoys fame and wealth, but eventually realizes his actions have hurt those he cares about. With revenge plans against him, Oscar and Lenny stage an event to deceive Don Lino, the gangster shark boss. Oscar ultimately decides to be honest, reconciles with Don Lino, and embraces a happy life with his love interest, Angie.
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