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For wealthy society lady Gloria Peabody (Esther Howard), life is one long round of glamorous parties. She has no idea that someone in her entourage has been stealing her jewels and replacing them with cheap fakes! Her beautiful young secretary Joan (Rita Corday) suspects something is wrong – and enlists the help of the Falcon (Tom Conway) to uncover the thief.
As the Falcon and his sidekick Goldie (Vince Barnett) investigate, there is a sudden and brutal murder. Is it connected to the jewel thief – or has the Falcon stumbled across an altogether different – and deadly – criminal with a passion for killing?