Accompanied by his trainer, Hotfoot (William Frawley), and his handyman/valet, Snake-eyes (Mantan Moreland), prizefighter Bill Kingsford (Eddie Albert), aka The Panama Kid, returns to his home town to help clear his dad, Gray Kingsford (Lloyd Corrigan), of graft involving several thousand gallons of oil hijacked from his own company. Betty (Peggy Moran), Mr. Kingsford's secretary, overhears a conversation between company officials Wetherbee (Joseph Crehan) and Perkins (Truman Bradley) ordering a gunman to intercept Kingsford on a trip to check a suspicious truck movement, and she warns Bill. The henchman manages to stop and slug Kingsford, but is himself killed when he tries to flee and his car bursts into fire. The police think the dead man is Kingsford, so Bill hides him while he and Betty try to get evidence against the real culprits.