Rich young playboy Gregory Kirkland reads a newspaper story about a daring robbery, and bets his friends that he can steal a famous diamond tiara, The Sultana, from its designer and then secretly return it without being caught. Robert Sautrelle, who designed the tiara, visits Kirkland's home, and Gregory does indeed steal it. However, he gets cold feet before he returns it and convinces a woman he knows, Virginia Lowndes, to return it. Unfortunately, things don't work out exactly as Gregory had planned.