In the morning Jane sends Elroy to Little Dipper Elementary school, while Judy Jetson goes on a date with Ricky Rocket on a hoverboard sky skiing, while George takes Astro to play with the dogs. Meanwhile at school Elroy solves the complex math problem in his classroom. School bully Kenny Countdown watches the billionth rerun of The Flintstones on his TV watch during class. The teacher confiscates his watch and is mocked by Kenny, due to a short in the teacher's transistor. The teacher says Kenny won't be laughing in a minute as she passes out the weekly report tapes. The teacher gives Elroy his tape, with straight As. As Elroy is flying around the classroom happily, he is instructed to sit back at his desk. Kenny pushes him out of the way, and Elroy lands on the floor. The teacher assures Elroy that Kenny will be punished when his parents hear his grades: four Ds, an F, and an H. Not only can't Kenny erase the tape because it's strong against magnets, but he knows what will happen the minute his father hears the tape. Kenny pulls a prank on Elroy and switches the grade tape reports on Elroy. Elroy is excited to show the grade report but when he gets home, his parents George and Jane and sister, Judy are disappointed with Elroy but Elroy tells the truth but they don't believe him except Astro and George and Jane send him and Astro to timeout in his room. Then they get a call from Kenny Countdown's dad and Kenny's father is angry with Kenny's lie that he tells him to confess the truth to George and Jane before he punishes him. Kenny tells the truth about the tape report and George and Jane feel sorry that they were tricked. They went to apologize to Elroy for not believing him but they found a note that both Elroy and Astro run away from home and they drove to the police station. Meanwhile the Sky police told Elroy and Astro to fly home because of a robber named Mugsy Megaton and his gang. Mugsy and his gang are trying to rob a jewelry store but they tricked Elroy and Astro into joining their club and had Elroy open the door for Mugsy to steal the jewels. Later, Mugsy and his gang kidnaps Elroy and hides in the skypad apartment, George and Jane both fall in Mugsy's trap and ties them up. Then, Astro unties himself and goes to the police for help. They arrived and arrested Mugsy and Astro saves the day.
- This is the last episode of the 1960s incarnation.
- This is the last episode to use the original version of the show's theme song. When the show was revived in 1985, a re-recorded version of the theme song was used.
- This episode was adapted into the book Elroy and the Space Bandits.
- The plot is similar to that of the Scrappy and Yabba Doo episode "Runaway Scrappy" two decades later; both Elroy and Scrappy run away after feeling unwanted and unknowingly help bank robbers when the robbers trick them into thinking that they're someone else.
- Elroy Jetson
- Jane Jetson
- Ricky Rocket (only appearance)
- Judy Jetson
- George Jetson
- Miss Brainmocker (first appearance)
- Kenny Countdown (first appearance)
- Fred Flintstone (first appearance; cameo; TV wristwatch)
- Barney Rubble (first appearance; cameo; TV wristwatch)
- Mr. Countdown (only appearance)
- Police officer 1 (only appearance)
- Police officer 2 (only appearance)
- Muggsy Megaton (only appearance)
- Microbe (only appearance)
- Chuckles (only appearence)
- Sergeant (only appearance)
- Police Artist (only appearance)
- Jet Sprinkley (only appearance)
- Cameraman (only appearance)