保安队悬赏巨额花红捉拿大盗胡良（唐伟成饰），穷小子皮球（汪禹饰）爱钱又好赌，想拿到这笔花红，先后带“灵蛇大侠”包扬天（刘家荣饰）、“独孤一味”叶孤行（徐少强饰）前去与胡良决斗，以图捉到胡良，没想到两位高手全被胡良打死。皮球在好友小梅（黄杏秀饰）的鼓励启发下，勤心苦练，模仿鳝鱼在水中游泳的姿势，练出一套奇异的拳法“鳝形拳”，又凭借智计和耍球绝技，终于打败胡良，为朋友报了仇。但皮球最后还是没有得到这笔花红，反而还欠保安队长（麦嘉饰）五块钱…… 本片为刘家班鼎盛时期的经典力作之一，由当时红极一时的“功夫小子”汪禹担纲主演，其顽皮活泼、精灵鬼马的表演令人拍案叫绝。唐伟成所饰的大反派也非常出彩。本片剧情幽默搞笑，武打精彩新颖，是一部难得的经典动作喜剧片，值得品味。
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