Five years after the events of Ghostbusters, the heroes are zeroes again, bankrupt after getting sued by the city for the destructive aftermath of clearing out the city of spooks. There’s also a Federal restraining order prohibiting them from continued ghostbusting. Peter Venkman (Bill Murray) is now the host of a cheesy local cable talk show called, “World of the Psychic.” Occult bookstore owner Ray Stantz (Dan Aykroyd) gets side work with Winston Zeddemore (Ernie Hudson), cosplaying as Ghostbusters for childrens’ birthday parties. Egon Spengler (Harold Ramis) is back at Columbia University, investigating how human emotions affect psycho-magnetic energy. Dana Barrett (Sigourney Weaver) is a single mother after leaving Venkman for his inability to commit, having a baby, now eight months old, with another man. Louis Tully (Rick Moranis) applies his knack for accounting to become a tax lawyer.
They reunite after being approached by Peter’s ex, Dana, who reports a strange occurrence involving her baby’s carriage traveling on its own. They discover rivers of mood slime running beneath the city, converging on the Manhattan Museum of Art, where Dana works as an art restorer, including a life-size portrait of Medieval sorcerer warlord, Vigo the Carpathian. Vigo’s spirit lives within his portrait, and to enter into the realm of the living, he needs a baby to be his vessel to come to the mortal realm and continue his reign of terror. He makes a deal with Dana’s boss, Dr. Janosz Poha (Peter MacNicol), to secure her baby, Oscar, in exchange for a date with her.