- First aired: September 25, 1982
- Story by: Dick Robbins and Bryce Malek
- Duration: 11 minutes
At the beginning of the episode, Waldo is calling Darla up at the treehouse, and offered to invite her on his yacht. She greatly accepts, but the rest of the Rascals overhear, and the boys eventually change into beach outfits.
Later that day, the boys sneak aboard Waldo's yacht, despite that they were uninvited. Trouble awaits when Waldo discovers that a treasure chest filled with gold coins is stolen, and the boys must try to find the thieves. Alfalfa and Spanky follow the suspects into a pub called Smuggler's Cove, and posing as an adult, the boys asked questions to the suspects, but the boys' scheme backfired thanks to their trench coat getting caught into a hook, and revealing the two boys, ending up in a chase. The treasure chest was later recovered, thanks to Pete. In the end, Alfalfa was preparing to kiss Darla assuming he was the hero, but instead Darla embraced Pete, since he was credited for being the true hero.
- At one point, Porky accidentally squirts ketchup on Darla's dress, and Waldo offers to replace it. In her next scene, Darla is seen wearing the exact same dress with no stain.
- Alfalfa and Spanky investigated the crime in a tavern called "Smuggler's Cove" - it would later be the title of an episode of Young Robin Hood.
- Alfalfa and Spanky pose as an adult by standing on top of each other in a trench coat. This may be a shoutout to the Our Gang theatrical short "Teacher's Beau" and was later used in the bank scene in the 1994 film The Little Rascals.
- At the end of the episode, when Darla was embracing Pete for being the true hero, she is shown wearing white socks with pink shoes, the inverse of her usual color scheme. This anomaly was later seen in "Cap'n Spanky's Showboat" and "The Zero Hero".