The Falcon (Michael Calvert) is having a bath (!) when he is approached by Delgado (Paul Marion). Delgado tells the Falcon he has killed a man to defend his wife's honour, he wants the Falcon to hold a key for him and then give it to his lawyer. Delgado is arrested but later found dead in jail. Hoodlums seize the key off the Falcon, but when they try to open the locker the key is for, the locker blows up! The Falcon investigates the plot involving Delgado's wife Margo (Rochelle Hudson) and the lawyer Mallon (Theodore von Eltz), with the help of his clever dog (Brain Trust)!
This is a very different Falcon to the ones played by different actors earlier in the series, though closer to the original character envisaged by it's creator in the 1930s. Calvert was a real magician which is probably why he performs magic tricks at various stages of the film (for no actual plot reason), there is a funny meta moment when someone says a photo of the actual Michael Cavert looks like the Falcon! The performing dog is wonderful, the film itself is fun and quite tongue in cheek at times, and also pretty nonsensical. It shouldn't really work but somehow does.