Zagor is a costumed hero in the tradition of Batman or the Phantom who has been transplanted to the old west, with perhaps a bit of Tarzan thrown into the mix for extra pop cultural resonance. The son of a white army officer and his wife who were slain by Indians, Zagor was raised by a trapper who taught him to be murderously handy with an ax, a task that would come in handy when he embarked on his planned mission of vengeance against his parents' killers. Upon reaching adulthood, however, Zagor discovered that his father had also been responsible for the deaths of many Indians, and that the moral line was not drawn as clearly as he had initially thought. As a result, he vowed to become an equal opportunity protector of the oppressed, whether they be white settlers or Indians.

Filmde, Zagor’un bir çetenin düzenlediği soyguna engel olması anlatılır. Bir süredir ormanda dolaşan siyah maskeli bir hayalet, kabilelerden uzaklaşan Kızılderilileri öldürür. Kara kurt kabilesinin reisi Satko, bu hayaleti bildirmek için karakola albay Riçkont’un yanına gider. Ancak Riçkont bir Kızılderili ile konuşmayı reddeder. Satko da Kanlı Hayalet’i tek başına bulmaya karar verir. Arkadaşları Zagor ve Çiko’da Satko’ya yardım edeceklerdir.