Cantinflas is a man who hangs around the studios and helps anyone who needs his advice while at the same time envisioning his own versions of how certain scenes should be shot. Both angles provide ample opportunities for very witty, subtle barbs at the foibles of the industry.
A couple of people cover up their own mishandling of other people's money by claiming to have been robbed by a masked bandit. When the law comes looking into the situation, it becomes necessary to find someone to impersonate that bandit. Remake of El Tigre De Jalisco (1947).
Thieves break into a scientist's laboratory to steal a secret formula, and in the process they kill his daughter. Enraged, he develops a formula that will turn an extremely ugly woman into a spectacular beauty, and then uses the woman to take his revenge on those responsible for his daughter's murder.