Gay Lawrence (George Sanders) is the debonair and ruthless amateur detective known only as The Falcon. He learns that his brother Tom (Tom Conway) has been reported murdered on a ship arriving from South America. The Falcon swoops to investigate and stalks the would-be murderers before learning that his brother is still alive. His hunt leads him into murky waters with a variety of spies spivs and racketeers arriving into New York. The Falcon pursues the gangsters and comes off worse when protecting a diplomat so the scene is set for the Falcon's mantle to be passed to his brother. When Tom takes over the case his investigations lead to the doors of a fashion magazine and a ring of Nazi spies...
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