Leading fashion model Derek Zoolander finds his career in peril as he is ousted by new face in the modelling world Hansel. Dumb and shallow but kind-hearted Derek gives an interview to journalist Matilda Jeffries, who damages his reputation further. In an attempt to cheer him up his model roommates take him out and engage in a gas fight while fueling their jeep. Although Derek tries to stop them, one of them lights a match and all but Derek are killed in the ensuing explosion. While delivering his roommates' eulogy Derek announces his retirement from modeling and, after the funeral, tells of Matilda for her hurtful article.
Derek is approached by Mugatu, a designer who previously refused to work with him. Mugatu is searching for a model idiotic enough to be brainwashed into assassinating the Prime Minister of Malaysia who wants to stop the cheap child labor in his country that produces Mugatu's clothing. Unaware of Mugatu's dastardly plans, Derek accepts the star position in Mugatu's next runway show. At a conditioning center that Derek believes is a day spa he is brainwashed to kill the Prime Minister as soon as he hears the song "Relax."
Feeling responsible for Derek's retirement Matilda tries to warn him, after receiving an anonymous tip, that she distrusts Mugatu's motives. She finds Derk after he's released from the spa but he dismisses her suspicions. Undeterred, Matilda tails Derek to a pre-runway show where he loses a walk off against his nemesis Hansel. Matilda receives another anonymous phone call and she and Derek go to meet the caller. He explains that the fashion industry is responsible for many political assassinations and that brainwashed models are usually killed after the assassination is finished.
Derek and Matilda seek refuge at Hansel's home, the last place anyone would expect Derek to be. Hansel and Derek make peace and, while there, Derek realizes that he's falling in love with Matilda. Derek goes to Mugatu's show and when the DJ plays his trigger song Derek begins his assassination attempt. Hansel breaks into the DJ booth and unplugs the system. When evidence against him is offered, Mugatu tries to kill the Prime Minister himself. Derek stops him by performing his best "model look," stunning everyone and halting the attack. After Mugatu's arrest Derek and Hansel leave the fashion industry to run a learning center. Derek and Matilda are in a relationship by this time and have a son together, Derek Jr.
Had she been a name way back when, there's no way Lady Gaga would've missed "Zoolander". Sometimes, the Universe has a sense of timing, though. Rumor has it, the slightly odd pop star has been offered $5 million to appear in fairly significant capacity in Ben Stiller's upcoming sequel to his 2001 comedy hit.
When the hits just won't keep coming, it's not unreasonable to go back to the well. After a such a hit-or-miss last 10 years, Ben Miller sounds ready to give fans the long-promised "Zoolander" sequel. He just needs to get the script JUST so, first.