In the second film of the series (and not a second part of anything), Gay Lawrence, aka The Falcon, is about to depart the city to marry his fiancée, Helen Reed, when a mystery girl, Rita Mara, asks for his aid in disposing of a secret formula for making synthetic diamonds. He deliberately allows himself to be kidnapped by the gang for which Rita works. His aide, "Goldy" Locke, trails the kidnappers and brings the police. But the head of the gang escapes, and the Falcon continues the pursuit.

Con men Calvin Churchill and Clip McGurk know how to fix a horse-race or boxing match. Calvin wants to go straight and win back his estranged wife, but first the men must dodge a dogged IRS agent and bilk a bunch of aviation investors out of the backing boodle for a balloon excursion into the stratosphere.