The narrative follows two elite New York City drag queens, Vida Bohemme (Patrick Swayze) and Noxeema Jackson (Wesley Snipes), who tie for the title of "Drag Queen of the Year" at a prestigious Manhattan pageant. The grand prize is a trip to the national finals in Hollywood, California.

Instead of flying, they take pity on the heartbroken, novice "princess" drag queen Chi-Chi Rodriguez (Leguizamo). They cash in their plane tickets, purchase a yellow 1967 Cadillac convertible, and embark on a cross-country road trip.