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When Gahagan, a policeman, witnesses a bank robbery during a parade of the Loyal Order of Leopards, he rushes off to call his boss, Steve McBride. Moments after Steve arrives at the bank, reporter Torchy Blane, Steve's fiancée, follows in order to do some investigating of her own. She is miffed to find another reporter there ahead of her, so when Steve ignores her after she finds a lodge button wedged in a teller's cage, she breaks the story in her newspaper, The Star . Steve discovers that the pin's owner has been dead for three years, but still Torchy theorizes that the thief will travel with the Los Angeles delegation of Leopards, returning home by way of Panama, in order to pass the stolen money outside the country. Steve laughs at her theory and then leaves for Panama without her. Furious, Torchy parachutes into the ocean, forcing the ship to rescue her. On board, she ignores Steve and flirts with all the Leopards, trying to identify the thief. Her attention focuses on Stan Crafton after Gahagan tells her that he did not know the secret Leopard handshake, but a search of his stateroom yields no money. Crafton sees Torchy leaving his stateroom with Steve, so he sneaks off the boat in Panama with the money, which he has hidden in the mascot, a stuffed leopard. By accident, Torchy sees him leave and follows him, leaving a note for Steve. As soon as the ship docks at the other end of the Canal, Steve flies back to look for Torchy. In the meantime, Crafton has caught her spying on him and plans to kill her. Steve spots her wet clothes drying on Crafton's balcony and breaks in, shooting Crafton. Gahagan helps Torchy make her scoop and Steve proposes again.