Siegfried of Xanten snatches the Nibelung treasure from the king of the underworld and slays the dragon Fafnir, whose blood makes him invulnerable. Siegfried falls in love with Kriemhild, the sister of the Burgundian king. But only if Siegfried helps Gunther marry Brunhild will he be allowed to marry Kriemhild. He fulfills this condition, but the two women bring ruin upon Xanten and Burgundy...

Firehand and his Apache friend Winnetou are determined to get justice for the murder of four young braves. They set off to track down the gang responsible for the horrendous act.

Rollins' gang wants to grab land by inciting the settlers in a war against the Indians but Winnetou and Old Shatterhand try to keep the peace, until Rollins frames Winnetou up for the murder of Jicarilla Chief's son.