Having forsaken the detective business for the safer confines of personal insurance, Gay Laurence is compelled to return to his sleuthing ways. Along with sidekick Jonathan "Goldie" Locke, he agrees to look into a series of home party robberies that have victimized socialite Maxine Wood. The duo gets more than they bargained for when a murder is committed at Wood's home, but Lawrence still finds time to romance the damsel.

In the second film of the series (and not a second part of anything), Gay Lawrence, aka The Falcon, is about to depart the city to marry his fiancée, Helen Reed, when a mystery girl, Rita Mara, asks for his aid in disposing of a secret formula for making synthetic diamonds. He deliberately allows himself to be kidnapped by the gang for which Rita works. His aide, "Goldy" Locke, trails the kidnappers and brings the police. But the head of the gang escapes, and the Falcon continues the pursuit.

While an escaped convict, Moose Malloy, goes in search of his ex-girlfriend Velma, police inspector Michael O'Hara attempts to track him assuming him to be a prime suspect for a number of mishaps.

The Falcon is framed for the murder of a banker and the theft of war bonds. He makes his escape into the mountains where he hides out in a rustic lodge. From here he uncovers a phony war bond operation.