Young Countess Wilma is forced to wed by midnight or lose her inheritance. Wilma impulsively chooses gypsy vagabond Latzi, offering him a huge sum of money if he'll consent. Swallowing his pride, Latzi agrees to the marriage, but soon Wilma falls in love with young Lieutenant Von Tokay who himself is in love with Latzi's gypsy sweetheart Timka.

An Austrian prince hatches a plan to keep his rival, the Russian czar, busy by keeping him surrounded by beautiful women and away from the negotiating table. The Czar, however, has his own plan—he hires a man who is his exact double to impersonate him and confuse the Austrians by appearing to be everywhere at once. In addition, both the Czar and his double fall for the same woman.