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After winning the world middleweight boxing championship, the "Panama Kid," whose real name is Bill Kingsford, gets a long distance phone call from his girl friend, Betty Newman, who tells him that he must come home at once, as his father Gray is in trouble. Bill charters an airplane and travels home with his trainer, "Hotfoot," and his personal assistant, "Snake-Eyes." At the Kingsford Oil Co., Bill immediately begins to argue with his father about his choice of profession. That night, Betty tells Bill that his father may be charged with embezzlement, as one million barrels of fuel oil are missing and the government inspectors are due the next day. While Gray, Betty and the company's controller, Jordan Perkins, go over the books, looking for the discrepancy, a shipment of Kingsford Oil is being diverted. When the truck becomes stuck on a bridge fifty miles off course, field representative Davis happens by and phones Kingsford with the news. As Gray personally goes to check out the matter, Perkins phones Roderick Wetherbee to warn him of Gray's impending arrival. Unknown to them, Betty records their phone call, which identifies the two as the real embezzlers. Betty then calls Bill and sends him to help his father, who she fears may be walking into a trap. As feared, Gray crashes his car when Joe Trosper, a henchman for the embezzlers, places an obstruction in the road. Trosper is killed, however, when he tries to steal Gray's car upon Bill's arrival and the car goes over an embankment. Wetherbee's men manage to move the truck and camouflage their hideout's entrance, however, before Bill and Gray can catch up to them. When Bill calls the highway patrol to report the car accident, he learns that Trosper has been mistakenly identified as his father. Bill then convinces his father to stay in hiding until he and Betty can expose the real embezzlers. The newspapers are soon filled with stories stating that Gray committed suicide rather than face a federal indictment. While Hotfoot and Snake-Eyes watch over Gray, Bill and Betty attend his "funeral." They then enlist the aid of Davis to search for the secret entrance to the embezzlers' hideout, but to no avail. That night, Betty follows Perkins to his meeting with Wetherbee, where the two discuss plans to load their schooner with the stolen oil as soon as possible. She then follows Perkins to the oil's hiding spot. Meanwhile, Bill is followed to his father's hideout by homicide detective Martin, who agrees not to arrest Gray when Bill calls Wetherbee, pretending to be Trosper, and demands more money for "bumping off" Gray. Wetherbee almost walks into their trap, but is scared off when Snake-Eyes gives Hotfoot a hotfoot. Betty tries to telephone Bill with the location of the embezzlers' hideout, but is abducted before she can finish the call. Bill, Gray, Hotfoot and Snake-Eyes manage to escape from Martin, and while Hotfoot and Snake-Eyes go for the police, Bill and Gray head after Betty. They arrive at the hidden dock just as the schooner is preparing to leave. After shooting the ship's captain and Wetherbee, Gray, Bill and Betty barricade themselves in the ship's cabin. The thieves break into the cabin, and as the two Kingsfords fight them off, Hotfoot and Snake-Eyes arrive with the police. Gray is later cleared of all charges, and Bill goes on to win the light-heavyweight boxing title, with Betty and his father proudly by his side.