Roy Rogers (Roy Rogers), owner of a transportation service for moving race horses from track to track, prepares to take a number of thoroughbreds to the Pan American fair races at Monterey. Among them is "Dancing Girl", a fine mare owned by Doris Stewart (Dale Evans), who is being forced to sell the horse in order to keep her ranch. Doris and her trainer, Dave Norris ('Douglas FOwley'), accompany Roy and his outfit to the border at Caliente, where they are approached by Rosina (Charlita), a young gypsy fortune teller who begs Roy not to continue the trip. After crossing the border, Roy and his men are attacked by masked bandits, the horses are stolen and the stable boy is murdered. Accompanied by Doris and his sidekick Pinky (Pinky Lee) and the a Mexican Commandante, Roy goes to the gypsy camp to find Rosita. She is not there but Roy spots the stolen thoroughbreds hidden among a herd of wild horses near the camp. He also finds the dead body of a horse that appears to be "Dancing Girl....
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