Determined to scoop the other newspapers, reporter Torchy Blane convinces her boyfriend, police lieutenant Steve McBride, that the only way the perpetrator of a recent bank robbery could fence the stolen money is to exchange it in Panama. Torchy, accompanied by McBride, blundering police sergeant Gahagan and smarmy rival reporter Bill Canby are off on a luxury liner to Panama carrying a boat load of Los Angeles Leopard lodge members, one of whom figures to be the robbery suspect.