Mike Waring, a private detective in Los Angeles whose nickname is "The Falcon," is on a case. He follows a man named Andrews to a hotel, then reports back to his clients, club owners Kirk and Gregory, where the man, their business partner, can be found.
They pay Waring a $500 fee, whereupon Wilma Rogers, who works at the club and likes Andrews, expresses her displeasure with Waring for informing on him. She also tips off Andrews that his partners are coming. Kirk and Gregory return, angry not only that they can't find Andrews or the $100,000 he embezzled, but that a hotel clerk, Perry, was under the impression that Waring left Andrews' room carrying what appeared to be a lot of money.
Waring believes the club owners are trying to frame him. Elaine Carson offers to help, but before long Waring becomes suspicious of her behavior, too. Waring eventually is able to locate the missing money, which he gives to a police lieutenant, Cooper, for safekeeping. Then he exposes the real culprit behind Andrews' murder and the theft, Perry, the clerk.
