Jeremiah "Jerry" Lane Jack Carson and Pierre Potkin Robert Woolsey are a pair of midway carnival pilots who have never actually taken to the air, fluttering through a life of goofy thrills and upright nerves. When a shady smuggler named Dave Hanlon Jack Carson hires them to fly a real seaplane— unaware that the craft is tied to stolen police work— they set out to retrieve a lifesaver tossed from a crowded ocean liner and deliver it right into his waiting hands. Believing the hollow metal canister hides news photographs, they are blindsided when the lid pops open to reveal cocaine and a box of stolen jewels, a discovery that pulls them into a perilously comic chain of events.
Their misadventure crash-lands on the sprawling Arlington estate, owned by Horace Arlington Paul Harvey and Martha Arlington Margaret Dumont. The Arlingtons greet the newcomers with mistaken good will, assuming they are police officers and extending hospitality before the truth can surface. On the manic grounds of the mansion, a pair of lively musical numbers erupts, and the two strangers indulge in flirtations with the Arlington family’s daughter and staff. The charming Arlene Arlington Marjorie Lord becomes the target of their playful attention, while Juanita the maid Lupe Vélez shares in the performances that pepper the day with color and rhythm. The family— and the visitors— drift into a haze of witty songs and light-hearted deception, all under the uneasy umbrella of a criminal plot.
Behind the scenes, Hanlon’s plan moves forward as he and his cronies infiltrate the mansion posing as doctors, intent on “removing” Jerry and Pierre and reclaiming the loot. The would-be bad guys are frustrated at every turn as the Arlington dog, in a cheeky twist, has hidden the very jewels that are supposed to prove their guilt. A frantic, ever-shifting search erupts through the estate, drawing in numerous cops and adding to the chaos with a steady rhythm of chatter, clatter, and mistaken identities.
In the end, the criminals are captured, yet the resolution isn’t as straightforward as a straightforward arrest. Horace examines the bundle of jewels and discovers they are paste, a disappointing reveal that could have ended the trouble there. However, the final twist comes in the form of a note from the ship’s passenger, explaining that he had swapped the fake stones for the real ones and ensured the authentic jewels were sent to Arlington’s office, turning what seemed like a clean takedown into a clever misdirection that leaves everyone pondering how the caper finally unwound.