Mikey Walsh (Sean Astin), Data (Ke Huy Quan), Mouth (Corey Feldman) and Chunk (Jeff Cohen), who call themselves "The Goonies" are spending the weekend together. Along with Mikey's older brother Brand (Josh Brolin), they find a 1632 doubloon in an attic, along with an old treasure map.

Mikey, Data, Mouth and Chunk set off to find the treasure, only to have Brand follow them, along with his cheerleader friend, Andy (Kerri Green) and her pal, Stef (Martha Plimpton). They come across a derelict restaurant with a tunnel in the basement and follow it in search of the pirate's loot.