Bugs Bunny is hunted by Hiawatha, a stereotyped Native American who fills roughly the same role as Elmer Fudd in other Bugs Bunny cartoons of this era.
Elmer Fudd is again hunting rabbits - only this time it's an opera. Wagner's Siegfried with Elmer as the titular hero and Bugs as Brunnhilde. They sing, they dance, they eat the scenery.