Johnny, a seasoned con artist, becomes the right-hand man of casino owner Ballina Mandson in Buenos Aires. Mandson is a cold-hearted man who is skilled with a gun and enjoys spying on his customers and partners from a special room in his establishment. He forms the apex of the love triangle that serves as the basis of the plot.

The film is full of misogyny, yet this is balanced by the delicate nature of Hilda, played by Rita Hayworth.