Bullfighter Juan Gallardo falls for socialite Dona Sol, turning from the faithful Carmen who nevertheless stands by her man as he continues to face real danger in the bullring.

Around 1820 the son of a California nobleman comes home from Spain to find his native land under a villainous dictatorship. On the one hand he plays the useless fop, while on the other he is the masked avenger Zorro.

The story—in which an American heiress on holiday in South America falls in love with an Argentine horse breeder against the wishes of their families—takes a backseat to the spectacular location shooting and parade of extravagant musical numbers, which include the larger-than-life Carmen Miranda singing the hit “South American Way” and a showstopping dance routine by the always amazing Nicholas Brothers.