Dick Tracy in action again. This time, luxurious diamonds are stolen but before the thief can safely hide them aboard an ocean liner he is strangled by ex-conman Cueball. He takes the gems and then continues on murdering people that he believes are trying to swindle him. Tess, the attractive girlfriend of Dick Tracy acts on his behalf as a buyer for the diamonds. But this plan backfires when Tess is captureed by Cueball.