Set in an urban neighborhood in Washington, D.C., The Meteor Man is centered around Jefferson Reed (Robert Townsend). An elementary educator, he teaches with his good friend, Michael Anderson (Eddie Griffin). Unfortunately, his community is plagued by The Golden Lords, a local gang led by Simon (Roy Fegan), and Anthony Byers (Frank Gorshin), a drug kingpin.
After escaping from an incident with members of The Golden Lords, Jefferson is hit by a meteorite, leaving him critically injured. A part of the meteorite is found by Marvin (Bill Cosby), a vagrant who adds it to his collection of items in his cart. However, when he awakens in the hospital days later, it is discovered that he has been completely healed.