Jon Ronson follows David Icke as he promotes his theory that "the elite are genetically descended from a race of 12-foot, blood-drinking, shapeshifting lizards". During the film, Icke is accused by a leftist protest group (including Richard Warman, lawyer and former Green Party of Canada candidate) in Canada of antisemitism. The documentary explores the theme of whether Icke literally means lizards, as he steadfastly maintains, or whether the reptilians are a coded reference to Jews, an assertion which Icke vehemently denies. Ronson concludes that Icke is probably not an antisemite, and comes to have misgivings about the Icke protesters' methods and their attempts to silence Icke.

Jon Ronson follows conspiracy theorist and radio host Alex Jones as Jones attempts to infiltrate the annual gathering of dignitaries and business leaders (reportedly including George Bush and Henry Kissinger) at the Bohemian Grove. The film includes footage of attendees dressed in robes and burning an effigy at the foot of a giant stone owl. Jones believes that the ceremony is related to occult secret societies. After the event, Ronson meets comedy actor and fellow attendee Harry Shearer who describes the event as a glorified fraternity party. Shearer largely dismisses Jones's dramatic retelling of the gathering and notes that the music is supplied by the Symphony Orchestra of San Francisco.

Ronson teams up with reporter James P. Tucker Jr., who has been investigating the Bilderberg Group, an annual invitation-only conference, for over thirty years. According to Tucker, around 130 guests, most of whom are persons of influence in business, academic, or political circles, meet annually in secret. The duo encounters unwelcoming suited security men and a car chase. Ronson also interviews Group founder Denis Healey.