The film is set in a small town of the "San Fernando Alley" (San Fernando Valley). According to the narration, "Our story begins when the West was young, and early pioneers settled down to never more roam, and made the San Fernando Alley their home."  Despite its Western setting, the short makes references to World War II rationing. A pretend train robbery, lists as "valuable cargo": butter, gasoline, sugar, shoes, and tires – all of them items for which there was a shortage in the War due to rationing. The short also has Bugs stealing all the carrots from a victory garden, which is another World War II reference.
Unlike in most shorts, Bugs Bunny serves as an antagonist. In the cartoon, he plays a carrot thief called the Masked Marauder, whom Brooklyn's "Red Hot Ryder" (a parody of Red Ryder) must bring to justice. The cartoon portrays Red Hot Ryder as a dimwit who cannot distinguish Bugs Bunny from the Masked Marauder, his black horse named Horsey with a mind of its own, and his good-natured slowness is consistently mocked: When Bugs Bunny as the Masked Marauder threatens to shoot Red Ryder, saying, "Stick 'em up, or I'll blow your brains out," the latter treats it like a choice, replying, "Well, now, that's mighty neighborly of you."
In the end, Red Ryder catches on, but is unable to catch the Masked Marauder. Bugs tricks him and his black horse into jumping into the Grand Canyon and they (eventually) crashed down, making a man-and-horse-shaped hole into the ground, Red Ryder finally figures out that Bugs is really the Masked Marauder. Bugs pops up from beneath the ground with a lit candle and says "That's right! That's right! You win the $64 question!" (a reference to the "big prize" on the famous radio quiz show Take It or Leave It). He then kisses him and blows out the candle, with Bob Clampett's "Bey-woop" effect to close the cartoon.
- Mel Blanc as Bugs Bunny, Red Hot Ryder, Various Villagers
- Robert C. Bruce as Narrator, Various Villagers (uncredited)
- VHS - Viddy-Oh! For Kids Cartoon Festivals: Bugs Bunny Cartoon Festival Featuring "Hold the Lion, Please"
- VHS - Bugs Bunny Collection: Bugs Bunny on Parade
- LaserDisc - The Golden Age of Looney Tunes, Vol. 2, Side 5: Bob Clampett
- VHS - Looney Tunes: The Collectors Edition Volume 7: Welcome To Wackyland
- DVD - Looney Tunes Golden Collection: Volume 5, Disc 3 (with two commentary tracks: one by Michael Barrier and the other by Spumco workers John Kricfalusi, Eddie Fitzgerald, and Kali Fontecchio)
- Blu-ray/DVD - Looney Tunes Platinum Collection: Volume 2, Disc 1 (with two commentary tracks: one by Michael Barrier and the other by Spumco workers John Kricfalusi, Eddie Fitzgerald, and Kali Fontecchio)