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During a revolution on a small Caribbean Island, international playboy and promoter Renzo Capeto uses his boat to help a group of loyalists headed by Colonel Tostada escape with the national treasury which they plan to use to stage a counterrevolution. Capeto plans to seize the money and claim that a mythological monster rose out of the sea and devoured the loyalists. Unknown to him, a real monster lurks in the very waters where he plans to kill his passengers. When the creature upsets his plans, Capeto decides to sink his boat in 30 feet of water and then retrieve the treasure. Using a nearby island for a base, he and his gang attempt to salvage the loot, but the monster picks them off one by one, except for secret service agent Sparks Moran and his girl friend Mango.