Punch and Judy are the characters of the TV show Big Shot. The show provides information on various bounty heads, but is often unreliable. The Bebop crew often has the show playing in the background, but seldom pays close attention (they usually get their information from close contacts). Punch and Judy play the "cowboy" persona in a characteristic, "over the top" fashion. Punch adopts a mid-western drawl mixed with a Mexican accent (both faked), and uses random old-West sayings. Judy plays the stereotypical dumb blonde, and always appears in an open bolero jacket with nothing underneath, frequently wiggling her hips with excitement. Big Shot gets cancelled towards the end of the series, and Punch (lacking accent and costume) makes a brief cameo revealing his and Judy's fates: he moves to Mars to live with his mother and Judy is engaged to marry her agent. In the last episode of Big Shot, it appears that Judy was not informed of the show's cancellation and shoved Punch out of the way as she said into the camera that '[the station] will hear from [her] agent about this!'

The character names and the loose concept of Big Shot are most likely a tongue-in-cheek reference to the British style of puppet-show also known as Punch and Judy.