The Lone Ranger and Tonto come upon a house that contains a mysterious couple who are holding a girl against her will. After escaping from a water-filled pit, the Lone Ranger helps the girl's father rescue Tonto and the girl from a gang that is after a chest of gold. The gold belongs to the girl's husband Deac Holt, who has lost his memory. The Lone Ranger and Tonto find Holt, but learn that he is wanted for murder in Abilene. Holt escapes from a mountain cabin before the Lone Ranger finds out that the men Holt was staying with were the actual killers. Tonto is shot in the leg during the fight and stays behind with the stepdaughter of one of the gang to guard them while the Lone Ranger pursues Holt. The Lone Ranger finds Holt and persuades him to return to the cabin. As they return they find that the gang has set the cabin on fire in order to be set free. The Lone Ranger saves Tonto and the girl from the flames and Holt takes the gang to Abilene to jail. In the meantime, Tonto hears the Lone Ranger tell the girl to ride with him and thinks he has chosen the girl over him. He leaves and the Lone Ranger spends days searching for him. Eventually the Lone Ranger comes to the cabin of Stark, a retired sheriff, where he had sent the girl before starting his search. He is startled to find that Tonto's horse had brought Tonto there after Tonto had collapsed. Stark and the girl had nursed him back to health. While at Stark's cabin, Tonto heard the "cry of The Menace," who was said to be half-man and half-wolf, and went after him. The Menace has convinced the Indians that he is an evil spirit and they must obey his every command. The Lone Ranger re-unites with Tonto and they team up to capture The Menace.