Michael Laynard, the Lone Wolf, is questioned by the police regarding the theft of a priceless sapphire from an Indian potentate on a visit to New York City. Coincidently, Laynard goes to a nightclub where he sees the sapphire in the headdress of the principle dancer. However, before he can get to her, she is murdered and the sapphire is taken. He, to clear himself, must find the stone and the dancer's killer.