While the exact plot is unknown, it seems to be about the search for the eponymous West Pole. Lucrezia and Bill's rivalry and romance is a prominent part of the plot. One notable scene apparently involves a burning submarine, and the play with the Heterodyne brothers in possession of an actual striped pole, and Klaus fearfully crouched in a barrel.
While many Heterodyne stories and plays are quite fictional, "Race to the West Pole" is in fact. When Lars and Agatha first meet and converse, they slip into dialogue from the play (Agatha's favorite Heterodyne show). At the climax of "the scene on the burning submarine", their images are replaced by a flashback vignette of . (It is unknown to what extent these flashback vignettes represent factual elements buried in legend.)
In the print novel Agatha H. and the Clockwork Princess, Circus leading lady Pix states the opinion that Race features some of the best-ever dialogue for the character she portrays, The High Priestess.