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.

Suave soldier of fortune Simon Templer gets mixed up with a gang of counterfeiters who've murdered and robbed an European count of 1,000,000 pounds. He is aided reluctantly by Scotland Yard inspector Teal, who's convinced that Templar himself pulled off the heist, and less reluctantly by light-fingered Dugan and dizzy socialite Penny Parker.

Flying Tiger Fred Atwell sneaks away from his famous squadron's personal appearance tour and goes incognito for several days of leave. He quickly falls for photographer Joan Manion, pursuing her in the guise of a carefree drifter.