The Falcon rescues Louisa Braganza from kidnappers who want her father's secret formula for making diamonds. Her father's murder is pinned on the Falcon and, when he and she flee to Florida, another murder seems to confirm his guilt.
Tom Lawrence AKA The Falcon (Tom Conway) agrees to swear off dames and crime and go on a fishing trip to the Adirondacks with his sidekick "Goldie" Locke (Edward Brophy) but no sooner have they got into their car than they see a beautiful woman being kidnapped in a stolen taxi cab. Although Goldie pleads with Tom to ignore the incident The Falcon cannot ignore a damsel in distress and so they set off in pursuit of the taxi. Tom rescues the woman but just as the police arrive the kidnapper flees. Tom escorts the woman back to her hotel room where he learns that she is a Brazilian called Luisa Braganza and that she was targeted because her uncle Enrico has perfected a formula for making industrial diamonds that has made them a target of various international diamond syndicates. Enrico (Andre Charlot) informs Tom that he and Luisa are going to Miami to meet an old friend from Brazil, Professor J.D. Denison who is arranging financial backing for Enrico's formula to go into production. However, as soon as Tom and Luisa leave the hotel Luisa's kidnapper Mike Geary (Phil Warren) sneaks into Enrico's hotel room and shoots him. The Falcon returns unexpectedly forcing Geary to flee without the formula but Enrico dies after muttering that the police are involved in the plot. The police promptly arrive and arrest Tom but Goldie helps him to escape. Convinced that she can put her trust in The Falcon Luisa gives him her uncle's formula and arranges to meet him in Miami.
While on the train to Miami Tom and Goldie rescue fellow passenger Doris Blanding (Myrna Dell) from Benny (Steve Brodie) and agree to switch compartments with her that night. Doris and Benny drop gas pellets into Tom and Goldie's new compartment and while they are KO'd search for the formula. Doris steals what she thinks is the formula but when Tom and Goldie recover The Falcon reveals that he has actually planted a fake copy of the formula under his pillow and it is that that Doris has pilfered. When they arrive in Miami the duo head straight to Prof Denison's house but spot Luisa's maid Helen Ray (Carol Forman) walking nearby with a man. Suspicious, Tom orders Goldie to follow the pair which he does leading him to a dog racing track.
Tom meets with the sickly Professor Denison (Ian Wolfe) and quickly deduces that the elderly man is being harassed by Benny and Geary. The Falcon confronts the two thugs and a fight breaks out during which Denison collapses from a heart attack. The hoods take advantage of this to flee and Tom is again arrested by the police, but once again evades capture. The wanted Tom now confronts Helen and the man she was with - her husband Paolo (Tony Barrett) and finds that they wanted to steal the formula so that they could sell it in order to pay off gambling debts. Convinced that they are not part of the murderous plot against the Braganza's The Falcon offers the couple some money to disappear. Meanwhile, Luisa has been approached by Kenneth Sutton (Robert Warwick), a wealthy friend of Denison who claims to be interested in backing the formula. Tom warns Luisa not to trust Sutton but she ignores his advice and agrees to travel back to Brazil aboard Sutton's yacht and sell him the formula. Later, Tom escapes from Geary and makes Goldie don an alligator costume in order to scare Doris and Benny into revealing that Sutton is their boss and the head of an international diamond conglomerate - who only wants the formula so that he can destroy it to protect his business interests. Just before Sutton's yacht departs Tom and Goldie rescue Luisa and hand Sutton over to the police. Cleared of all suspicion Tom requests a kiss from Luisa before the film closes with the hapless Goldie tumbling overboard off the yacht into the bay.
