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After he discovers he has stolen the wallet of Jack Bellounds, the son of the foreman of the White Slides ranch he used to own, Ben Wade decides to return home with his sidekick, Frosty Kilburn. Twenty years before, Ben was framed for the murder of his partner but fled White Slides and became the notorious bandit, Pecos Bill. Jack, who has a fiery temper, is returning to White Slides after several years in jail, and hopes to renew his romance with Collie, Wade's daughter. Collie, however, is in love with the new foreman, Wils Moore. Ben, under the pseudonym of "Red," and Frosty get jobs as ranchhands at White Slides, and Ben quickly befriends his daughter, who has no idea of his true identity. Ben finds out that the cattle are being rustled, and that Jack's father, William, has assumed ownership of the ranch. Ben is unable to arrange for Collie to become owner, so he becomes determined to at least stop the rustling. In the meantime, Jack goes to his former boss, Cap Folsom, and demands he stop rustling their cattle, but Folsom merely laughs. Ben reveals his true identity to Wils, and Wils becomes his ally, but is arrested when he is seen with "Pecos Bill." Frosty and Ben break Wils out of jail. Folsom kills William because he is the only man alive who knows that he is responsible for the death of Ben's partner and the cattle rustling. Jack seeks to avenge his father's death but is killed. Frosty and Ben attack the rustler's hideout until a posse, led by Wils, arrives. Ben kills Folsom and is ordered out of town by the sheriff. His true identity still a secret, Ben leaves after returning the money he robbed from the stagecoach and seeing Wils and Collie happily situated.