Nicki and Vicki, two librettists who also happen to be brothers, are presently in collaboration with composer Toni. All too aware of Toni's amorous escapades, Nicki and Vicki try to keep the existence of their pretty sister Hedi a secret. Suffering from an acute case of writer's block (he has yet to find an inspiration for his next production), Toni throws a huge party, which is boycotted by his friends and associates so that he'll keep his mind on his work. The only guest who does show up is uninvited—and surprise, that guest is sweet little Hedi, who turns out to be inspiration enough for ten operettas.
Released under its English language title in October 1930, Two Hearts in Waltz Time was the first foreign language film to be released with subtitles in the United States.