"Cliphangers" is the second segment from the 85th and final episode of The Lion King's Timon & Pumbaa. As suggested by the title, it is a clip show, containing flashbacks to the episodes of this season.
Timon and Pumbaa are on the Cliffs of Moher looking at the bottom. Timon then sees a worm and tries to catch it, but fails when the worm gets into a hole. When the meerkat tries to get the worm out of the hole, he accidentally breaks half of the cliff with a drill, leading to himself and Pumbaa falling down.
As the two start falling, their lives flash before his eyes, with Timon's being a montage of him going through rough times, while Pumbaa's is a montage of him going through good times, which Timon finds to be unfair. Pumbaa explains that the reason why his flashbacks are good is because he lived his life according to the principles of Hakuna Matata and that Timon lived his life like a complete mess.
Hearing Pumbaa's words, Timon blames the warthog not only for wanting to visit the Cliffs of Moher, but for wanting to go across the globe in various settings which got them into trouble, leading to a flashback montage of the duo visiting different places around the world and getting kicked out. Pumbaa replies by saying that it is technically Timon's fault that they're falling down, telling him that he always comes up with bad ideas, which leads to a flashback montage of Timon coming up with ideas that all went wrong. Timon replies by saying that they were great ideas and reminds Pumbaa about his naysaying. Pumbaa reminds Timon about the times the meerkat called him (or someone else) a mook.
After the mook flashback montage, Timon and Pumbaa have an argument and then turn their backs at each other with their arms crossed. Then, there's a flashback montage showing some of the drama between the two friends. After that, there's a flashback montage showing the times they split up and then missed each other. Then, Timon and Pumbaa each remember the times they complemented and did nice things for each other, making them realize how much of a true friendship they have. The two apologize to each other and become friends again.
Timon and Pumbaa realize that they're about to land. Timon tries to make Pumbaa remember all the things they used to pull out from behind their backs, which gives Pumbaa an idea. The two friends pull out various objects, looking for something that would rescue them. When the two can't find anything, they give up and reluctantly decide to go for their deaths. But then, it starts raining and Pumbaa pulls out an umbrella and opens it, making the two land safely.
Pumbaa shows Timon that he caught the worm from earlier. Timon and Pumbaa are about to split the worm in half so they can both eat it, but then some of the objects hit the two, making them lie on the ground, and the other objects land on them. After the objects fall and land on Timon and Pumbaa, the worm is free to escape the two.