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Cowboy Bob Grady is on his way from Utah to Colorado to see Betty Lou Rickard and to look for work when a stranger rides up and knocks him out in a fight. The man steals Bob's shirt, hat and horse, and leaves Bob with only a broken down old nag. Bob vows to get back his own horse, "Rebel," but Crabtree, the local sheriff, arrives and accuses him of being the murderous road agent Slugs Raton. Slugs's gang, seeing Bob being arrested in the distance, mistake him for their chief. They chase Bob and Crabtree, who believes the pursuers are vigilantes out for a lynching. After a shootout in the rocks, Bob and Crabtree make a break for the Rickard ranch. The gang follows them, and the sheriff, who has saved his final bullet for Bob, is killed by one of Slug's henchmen. The ranch house is set ablaze, and once free, Bob is able to drive the men away with his well-aimed shooting, and rescues Betty Lou and her father, John Rickard, from the flames. Betty Lou immediately recognizes Bob and sends him to the nearby ranch of Duke Craven to get help. At the Craven ranch, Bob finds Rebel, but the ranch hands, believing he is Slugs, begin preparations for a lynching with Craven urging them on. They grant Bob's last wish, which is to be strung up at the Rickard ranch, so that Betty Lou will be able to identify him as an old friend from Utah. Although her father does not believe her, she persuades the ranch hands to let Bob go and rides back with him to the Craven ranch. When they arrive, Deputy Carter is waiting, and when Craven refuses to answer questions, he and Bob have a fight, which Craven loses. Bob shows Carter the incriminating evidence in Craven's saddlebags, proving once and for all that Craven is the infamous road agent Slugs Raton. Betty Lou is Bob's reward, and he makes plans to help the Rickards build a new house.