Blake Thorn is a wealthy, arrogant health food tycoon obsessed with bodybuilding. After a high-speed chase with police, Blake finds himself hiding in a shopping mall where he accidentally hits his head and wakes up with amnesia. A mall Santa suit becomes his disguise, and he soon believes himself to be the real Santa Claus. Embracing this new identity, Blake begins spreading cheer and goodwill around the mall, becoming a local hero.

As Blake continues his Santa act, he uncovers a sinister plot by the evil scientist Ebner Frost. Frost aims to take over an orphanage to gain access to its hidden mineral water deposits, which possess special properties. Driven by his newfound sense of duty, Blake takes it upon himself to protect the orphanage's children and thwart Frost’s wicked plans. His journey forces him to confront his past behavior and understand the true meaning of selflessness and generosity.