A special ring has been given to Dick Tracey with a secret compartment to return the black pearl to its rightful owner. After being shot in the leg, the police lab has news about the strange bullet they pulled out of him. It is actually the missing black pearl. Elsewhere, a secret society has learned of the events. They now have two objects, to get the pearl in the ring, and to stop Dick Tracey. An assassin tells his plan to put an end to the famous detective.
Settling back into a typical routine, Dick and Pat are unaware of the danger that await them.