The feature length version of the serial by the same name. A mystical medicine arrow, the key to a lost gold treasure, is lost in one of many Indian attacks. It is recovered by the only two survivors, a Major and his daughter, who become the targets of those who wish to possess it. General George Armstrong Custer and army scout Kid Cardigan attempt to stop the ensuing war over the arrow, but fail in their efforts, which becomes the historic Custer's Last Stand.

Kit Cardigan seeks the killer of his father...among other plot threads leading up to the famous historical incident.