The story opens with Bill Smalley and Steve Bender hiding out in Canada after pulling off a questionable real-estate deal in the United States. They are deep in the wilderness, south of the Great Slave Lake, far from any trading posts, living a life of hunting and trapping. The only people they occasionally encounter are wandering Cree or Chipewyan Indians. One day, they find bear tracks near their camp.

Bill insists it's a grizzly bear despite Steve's skepticism, fueled by a local Cree's claim that there are no grizzlies in the area. Bill, confident in his superior judgment, gets annoyed with Steve's doubts and starts planning a way to capture the bear. Bill devises an elaborate trap in a nearby abandoned cabin. He sets up a system where a bear entering the cabin would trigger a cord that would slam the door shut, trapping the bear inside.

Steve is dubious about the plan, especially given the strong human scent in the cabin, but Bill is adamant. Days pass without success, until one morning, Bill is convinced that there is finally something in the trap. They find the cabin door shut and bear tracks leading up to it, but none leaving. Despite his bravado, Bill is reluctant to enter the cabin and insists Steve should go in first.

When Steve checks the cabin, he finds it empty, although the fireplace is shrouded in shadows. Bill then enters the cabin, and to their horror, a bear that had been hiding in the shadows charges at him. Bill's foot hits the cord, slamming the door shut and locking him inside with the bear. Steve, outside and terrified, hears the sounds of a struggle.

Bill manages to climb onto the rafters to escape the bear. Desperate, he calls for Steve to help. Steve, in a panic, realizes that he left his gun at the camp. He runs back to the camp, a grueling three-mile sprint through the forest, only to be delayed further by a brief altercation with their dog, Brutus.

Exhausted and near collapse, Steve finally reaches the camp, grabs the rifle, some extra cartridges, and a bottle of Bill’s private stock of whiskey for a bit of courage. Loaded with weapons and whiskey, Steve races back to the cabin. As he nears it, he hears the bear's roar and Bill’s screams. Upon arrival, Steve finds the bear has fled, having broken through the cabin wall in its fear.

Bill, miraculously unhurt, recounts how he used the power of his gaze to intimidate the bear into fleeing, claiming it shrank under his powerful eye. A few days later, they discover new neighbors camping nearby. Bill, ever the cautious one, insists on spying on them first. They see a half-breed man and a white man with a bear cub.

The half-breed recounts how he found the cub, named Woof-woof, who had run away and ended up at the old cabin where Bill was trapped. The bear cub, wanting to play, had frightened Bill, causing him to scream and faint, and ultimately break through the cabin wall. Realizing the "grizzly" was actually a harmless cub, Steve finds the entire situation hilarious. Bill, humiliated, quickly retreats to their camp.

The story ends with Steve reflecting on the absurdity of their adventures and Bill's overblown ego.