The third of the Monogram series based on Ham Fisher's "Joe Palooka" comic strip, opens with Knobby Walsh (Leon Errol), the manager of Joe Palooka (Joe Kirkkwood), trying to talk his way out of a traffic citation, and the story leading to that point is told in flashback as narrated by Walsh. Heavyweight champion Joe, after knocking out and opponent who later died in his dressing room, feels responisble and threatens to give up boxing. But the dead fighter's fiance (Trudy Marshall), thinks he died as the result of a drug that was given to him by a gang of gamblers, who made a rich haul betting on Palooka. Joe, Knobby and the police unite to run down the gamblers, but not before Joe also is nearly murdered by the same means...a poisoned mouthpiece. Elyse Knox is along as Joe's sweetheart Anne Howe, although Anne and Joe had long been married in the comic strip.