The friends are camping out at night and Tigger accidentally makes the popcorn explode. Pooh wants to eat honey, but has run out. He asks Piglet, if he has ever heard of the "Honey Moon," which is full of honey. Tigger, however, tells a scary story about a Grab-Me Gotcha, a sneaky shifteroo who grabs people in his clutches. Piglet is obviously scared, but Rabbit isn't, saying that there's no such thing as a Grab-Me Gotcha (at least until Piglet startles him by accident). Pooh stays up with Piglet, just in case the Grab-Me-Gotcha comes, but eventually they fall asleep in the popcorn basket.
Since the popcorn basket is too close to the fire, it pops and explodes, blasting Pooh and Piglet to another part of the woods. Tigger, Gopher and Rabbit wake up, and Tigger and Gopher think the Grab-Me Gotcha got Piglet and Pooh. Rabbit does not believe this, but goes along anyway. Pooh and Piglet, dirty and camouflaged, think they have been popped to the Honey Moon. They soon come to believe that if the Honey Moon fades away at dawn, they won't be able to stand on it, so they have to hurry and find "Moon Honey" before it disappears. Tigger, Gopher and Rabbit camouflage themselves too, and Tigger bounces away. Pooh, Piglet and Tigger run into each other, Pooh mistakes him for a "Giant Moon Bee"!
Then Pooh and Piglet run into Rabbit and Gopher, and run away again. Unfortunately, Pooh and Piglet then fall into a hole. Pooh mistakes the tunnels for a giant "Giant Moon Bee Honeycomb", and ventures on to find honey. Gopher, Rabbit and Tigger then hear Pooh in the underground tunnels calling for "Moon Honey" and mistake it for the monster, running away in fear. Pooh decides that they should go home, and to do that, they have to go "very down". In a safe spot, Tigger says to Rabbit and Gopher that he has a foolproof plan for saving their buddies. Later on, just before dawn, Pooh and Piglet have climbed a very high peak. As they prepare to jump to get home, the ledge they're on cracks and breaks and they fall.
At the bottom, Tigger has designed a cart trap with honey as bait for the Grab-Me Gotcha. Rabbit still doesn't believe in it, but when Pooh and Piglet fall in, he immediately becomes a coward, jumping into Gopher's arms. When questioned about what happened to them, they talk about all the moon creatures they found, and about how they resemble Rabbit, Tigger and Gopher. Piglet hugs Tigger and says he's glad to be home, and then he comes out of the shot. Tigger appears again, grabs Piglet, and says, "Gotcha!"