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American secret agent Charles Hood is instructed by Colonel Condor of British Security to trap Hammerhead, an international criminal and collector of erotic art who is suspected of wanting to steal a secret report on a nuclear defense system presented at a NATO conference in Lisbon. By offering to sell a priceless collection of pornography, Hood gets himself invited aboard Hammerhead's yacht, but his sleuthing is hampered by the attentiveness of Sue Trenton, a model and nightclub entertainer, and the seductive advances of Hammerhead's mistress, Ivory. Hood finally uncovers Hammerhead's scheme to kidnap Sir Richard Calvert, Britain's NATO delegate, and replace him at the conference with Andreas, a professional impersonator formerly employed at a nightclub owned by Kit, another of Hammerhead's mistresses. Hood and Sue are captured by Hammerhead's henchmen when the master criminal learns of Hood's true identity, but they escape from the coffin in which they were meant to be drowned. Despite Andreas' successful impersonation and the acquisition of the secret report, Hood is able to alert British Security before Hammerhead can make use of the information he has obtained. The final chase takes place as 300 hippies cavort on the rocks at Cascais Bay. Before it is over, Kit and Andreas are killed, and the vengeful Ivory harpoons Hammerhead to death.