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The day before the big race, matching horses belonging to the gauchos on the Argentine pampas ranch of Don Bennett, ladies' man Cesar Campo bets his fellow gaucho Bazan six months' pay that his horse, Chico Lindo, will beat Bazan's horse.

After Cesar makes a date to go to the dance following the race with Rosa, whom his pal Tito is smitten with, Cesar meets French singer Yvonne Le Marr, whose airplane had to make a forced landing on the pampas, and decides to give up Rosa to Tito.  Bazan surreptitiously cuts Cesar's saddle and, during the race, Cesar nearly falls off, but he manages to win riding bareback.  When Tito presents evidence that Bazan cut the saddle, Don Bennett fires Bazan.  Yvonne's manager, Gregory Scott, wants to buy Chico Lindo, and after Cesar refuses to sell, he pays Bazan to steal the horse.

That night, Cesar romances Yvonne and forces a kiss from her by entangling the two of them in his bola, a rope with weights attached.  The next day, he finds his horse missing and sees Yvonne's plane flying away.  Cesar searches the pampas on Tito's horse for Chico Lindo and, two weeks later, learns that Bazan left with Chico Lindo for Buenos Aires.  Cesar has no luck finding the horse in the big city, where his unrefined gaucho dress and manner are out of place, until he goes to a racetrack and sees his horse.  After he creates a disturbance, the police take him away, but he sees Yvonne with Scott, who says he will help.  Scott then reveals to Yvonne that he bought the horse from Bazan and that he will return it after the big race in three weeks.

At the Cafe El Paraiso, where Yvonne sings, Scott tells Cesar that a Parisian countess bought his horse and that she will be in town for the race.  With money Scott gives Cesar to mollify him, he gets an expensive room in the hotel where Yvonne is staying and enjoys the services of the barber, manicurist and tailor.  He also sends for his mother, who is skeptical at first of the big city amenities but soon becomes enamored of them.  When he sees in the newspaper that Chico Lindo is to be shipped to France after the race, Cesar confronts Scott, who disclaims responsibility.  Cesar plans to steal the horse back and return to the pampas, so he contacts Tito, who rounds up gauchos for a meeting the night before the race.  Yvonne is about to explain to Cesar that she was not involved in Scott's scheme, when they kiss and she is unable to tell him.

Tito finds Bazan and brings him to the meeting of the gauchos, where he confesses that Scott paid him to steal the horse.  Cesar then charges Yvonne with complicity in Scott's scheme by keeping him occupied in Buenos Aires so that he would not take his horse back to the pampas.

During the race, Cesar throws his bola and knocks Chico Lindo's jockey off the horse, so that Scott, who has bet on the horse, loses his bet.  Cesar then hides from the police, and after he sees Chico Lindo loaded into a truck, he follows on another horse and holds up the driver.  Yvonne drives up in a cab and says that she had nothing to do with Scott's plan, but Cesar drives off.  Later, however, Cesar returns to the pampas on a freight train with Mama, Chico Lindo and Yvonne.