The episode beings with the pups and Ryder helping Raimundo, Eunice, and Ellie take down the big top and load it into the train. Once the equipment is packed up, Eunice and Ellie board their boxcar, Ryder gives Ellie some peanuts to eat, and the train sets off until the next time the circus comes to Adventure Bay.
Back at the Lookout, the pups are busy practicing their own circus acts, when Ryder receives a call from Alex, asking for help on a missing barrel of peanuts. Thinking a missing barrel of peanuts is not that much of an emergency, Ryder gets another call, this time from Raimundo. Unfortunately, Ellie had somehow escaped from the boxcar, and was heading back towards Adventure Bay. Eunice was very worried for her baby, and so was Raimundo, fearing for Eunice being so agitated over her missing daughter. Knowing that this is an emergency in need of the PAW Patrol, Ryder agrees to help, and calls the pups.
Marshall has his usual goof-up when he accidentally flings Rubble and Skye into the elevator due to them still stacked on each other when getting Ryder's call. Once in the tower, Ryder figures that since Ellie loves peanuts, they can use those to lure her back to Eunice and Raimundo. While Ryder and Chase go to see Alex, guessing the missing barrel of peanuts was Ellie's doing, Rocky heads around behind the Lookout to put together a device for luring her back to the circus train.
Chase and Ryder have little luck finding Ellie using the trail of eaten peanut shells from Mr. Porter's, but Rocky's arrival with his peanut dispenser will make finding her much easier. That is, until Raimundo calls with more bad news. Before he can finish telling Ryder to look out for Eunice, the panic-stricken mother elephant is already stampeding down the street, looking for her baby. With two elephants MIA from the circus, Ryder and Rocky go after Eunice, while Chase continues looking for Ellie.
Ryder and Rocky finally catch up to Eunice when she jams herself through one of the windows of Mayor Goodway's office at City Hall, sniffing the Mayor with her trunk to see if Ellie had been there. Using a handful of peanuts to get Eunice's attention, Ryder is able to lure her into following Rocky and his peanut dispenser all the way to Farmer Yumi's. Yumi and Raimundo are waiting to corral her in the barn, but Eunice is spooked by Bettina, forcing Ryder to mount Eunice and calm her down enough to guide her into the barn and finally rein her in. With Eunice safe for the time being, Ryder and Rocky head back to see if Chase has found Ellie yet.
When the team return to Mr. Porter's, they discover a broken ladder with the peanut shells, and find Ellie now on the roof, looking like she is ready to perform her circus act and jump off. Ryder is frantic, with Ellie ready to jump any second and be seriously hurt, he suddenly realizes the air mattress the pups were using earlier can be used as an air cushion for Ellie. Rocky brought it in his truck, and Mr. Porter exhausts himself inflating it, while Ryder uses Chase's megaphone to stall Ellie by making her think he is announcing her act. With the mattress inflated and ready, Ryder gives Ellie her cue, and the baby elephant performs her jump and emerges unharmed, just as Raimundo and Eunice arrive, allowing mother and baby elephant to be reunited at last.
Back at the train platform, Raimundo thanks Ryder and the PAW Patrol for everything, and gives Ryder his ringmaster's hat as thanks as Raimundo and the elephants take off, this time, heading home to the circus' home base after such an exciting day in Adventure Bay.