William Gibson, who was formerly a safecracker known as Soapy, escaped from jail and had plastic surgery to alter his appearance.  He now runs a legitimate Lonely Hearts Club with his wife Annie and hopes to have a fox farm someday.  Jack Magruder, hoping to turn the club into a racket, threatens to expose Bill unless he gives him half interest in the club.

Meanwhile, Mary, the daughter of Bill's old cellmate, Jerry O'Conner, arrives at the Gibsons' following the death of her mother, and Annie refuses to turn her away.  Mary quickly falls in love with cub reporter Thomas Jefferson Reed but, when he warns her against Magruder whom she believes is Bill's friend, she breaks off her relationship with him.

Magruder, meanwhile, sullies the club's reputation and charms wealthy widow Laura Castleton in order to get her money.  When Magruder takes Mary out, Bill threatens him, while his girl friend Bessie needles him to move quickly to get the widow's money.  After Magruder asks Laura for $50,000 for "business" and promises to share his profits with her, she confesses that her jewels are all she has left.  In a rage, Magruder chokes her to death and steals her diamond brooch, then plants it on Bill.

Jerry, who was pardoned, then appears at the Gibsons' to meet his daughter incognito, even though she has always believed that her father is dead.  Inspector Flynn hauls Bill into the police station on charges of murder, but during the police interrogation, he is outsmarted by Bill and Annie, and Bill is then released.  Magruder asks Mary to go to the El Toro Club, ostensibly to meet Annie and Bill, and she complies.  Bill, aware that Magruder framed him, prepares to kill Magruder.  Tommy tips off Bill to Mary's whereabouts and all convene at the El Toro Club during a rainstorm.  Hoping to take Mary with him to Mexico, Magruder makes a dash for the plane and is shot by Jerry, who sneaks away in the dark.

The police find Laura's jewels on Magruder and exonerate Bill.  Tommy is fired from his job for not knowing the identity of Magruder's murderer, but Bill promises him a job on his fox farm after he weds Mary.