Elmer the elephant enlists his animal friends to help him find the end of a strange, colorless rainbow so that he can share some of his patchwork colors and make it right.

Elmer, Wilbur, and three friends find a kind of palace in the jungle. The others think that the famous lost treasure must be inside, so they race around looking for it. Only Elmer the patchwork elephant and his cousin Wilbur have noticed the real treasure.