Tom Lawrence (Tom Conway), aka the Falcon, helps Dolores Ybarra (Cecilia Callejo) enter an art gallery late at night to supposedly recover a painting that belongs to her. The Falcon discovers that the woman is the model for the artist's painting, however, the artist, Humphrey Wade (Bryant Washburn) has been dead for 15 years. The body of the owner of the gallery lies murdered on the floor. When the security guards arrive, alerted by a burglar alarm, they try to arrest Tom but he escapes with the painting and goes to the home of Winthrop "Lucky Diamond" Hughes (Emory Parnell), a collector of Wade's work.