Jackass Number Two is a compilation of various stunts, pranks and skits, and essentially has no plot. The film opens with an introduction of the nine cast members while they're being chased by bulls in a neighborhood. One by one, the cast members are taken down by the stampede, until only Johnny Knoxville and Bam Margera are left, and are chased through a house. Bam jumps through a window, and Johnny stops in his tracks to deliver his signature line, "Hi, Im Johnny Knoxville, welcome to Jackass!", and is pushed through a window by several bulls, and the title comes to screen, "Jackass Number Two".

The movie finishes with a Busby Berkeley-style movie musical production number set to the La Cage aux Folles song "The Best Of Times", where the cast sing and dance while getting battered by violent stunts. One stunt involves Wee Man and Preston Lacy sliding onto a bunch of metal trash cans. Others involve Chris Pontius dancing in a flaming building and jumping safely onto a mat, at which point he is knocked off his feet by a fire hose, and Bam and Dunn dancing in cowboy outfits in front of a horse before Knoxville causes the horse to flee by slapping its rear, pulling Bam and Dunn away by a rope attached to their feet. As in the first film, Rip Taylor is seen at the end of the sequence.

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