Mendoza, Mexico's maddest revolutionary, has heard that a stage coach due to pass by El Rancho Grande carries a million American dollars on their way to support the tyrannical rule of the current Presidente. Escorting the fortune is the pompous Senator K. Vanders, of Washington DC, accompanied by his charming daughter Lucille. Since El Rancho Grande is owned by Mama Inez, whose son, Ramon, is one of Mexico's promising young bandits, what is more natural than for Mendoza to despatch Ramon to rob the coach. With the mission accomplished, Pablo and Pepe, who seldom do anything right, are left to bring the stolen luggage back to the Rancho.
Lopez, the villainous chief of the local police, suggests to the outraged Senator that he and his daughter could best recover from their alarming experience by resting a few days at El Rancho Grande. Lucille, overawed by her experience, recognises Ramon as Zorro, the bandit behind the mask! This considerably disturbs his fiancee Raquelita and her fiery friend Lola. Will Lucille betray him, or must an unacceptably high price be paid for her silence?
Bernardo, the sergeant of police offers no threat, as he is more concerned in the musicianship of the police band rather than anything as dull as catching outlaws, but Mama cannot suppress the creepy premonition she has about his Chief of Police, the sinister Lopez.
The story reaches a tense climax during the colourful Aztec ceremony held in a ruined temple where exactly ten years ago Ramon's father was shot dead by Lopez. Will the fate of Ramon be the same as his father's or will he be revenged on Lopez?