Famed cricketer A.J. Raffles, Ronald Colman, by day is the celebrated gentleman jewel thief known as the Amateur Cracksman at night. When he falls for the lovely aristocrat Gwen, Kay Francis, and even gifts her his latest theft, a diamond bracelet, he begins to envision a life free from crime. Yet a friend’s troubles pull him back toward danger: Bunny, Bramwell Fletcher, is crippled by a 1,000-pound gambling debt, and Raffles agrees to help by staging a weekend at the Melrose estate, hoping to secure the funds by stealing the celebrated Melrose necklace.
The plan moves forward under the watch of Lord Harry Melrose, Frederick Kerr, and his wife, Lady Kitty Melrose, Alison Skipworth, who host the gathering at their grand estate. But they are not the only ones after the necklace; a rival gang is also after the prize, drawing the attention of Inspector Mackenzie, David Torrence, and his men. As the weekend unfolds, Gwen unexpectedly arrives and becomes entangled in the high-stakes process, while head burglar Crawshaw, John Rogers, breaks into the house and succeeds in taking the necklace—only to be outmaneuvered by Raffles, who reclaim it.
The alarm rings, and Crawshaw is caught empty-handed by the police, yet he stays silent, hoping a score with Raffles will come later. When the necklace later vanishes from the estate, Mackenzie confines all the guests, then quickly reconsiders. Gwen, growing suspicious, overhears Mackenzie telling one of his men that Crawshaw will be let go to lead him to Raffles. She follows Raffles back to London to warn him, and Mackenzie appears at Raffles’ home, finding Gwen hiding in a guest room and learning that Raffles possesses the necklace—though not the motive behind the theft.
Crawshaw returns, chasing Raffles to the rooftop and drawing Mackenzie away. Crawshaw then takes Raffles at gunpoint, but Raffles persuades him that fleeing with the necklace is far too dangerous with the police nearby and helps him escape. A failed ruse brings Lord Melrose into the scene, and Mackenzie accuses Raffles of being the Amateur Cracksman. Cornered, Raffles reminds Melrose of the 1,000-pound reward offered for the necklace’s return, hinting that Bunny might use that sum, and Bunny dutifully produces the money.
Melrose presses for the matter to be dropped, but Mackenzie reveals a second warrant—this time for the theft of a diamond bracelet. With no way to restore it the way he did the necklace, Raffles stands silent as Gwen removes the bracelet from her wrist and hands it to Mackenzie, publicly compromising her reputation in front of a distraught Lord Melrose. The blow motivates Raffles to devise another escape, but Gwen interrupts him, professing her love and vowing to accompany him wherever their journey may lead, even without fully understanding his past deeds.
They plan a future together in Paris, and, in a final, deft disguise, Raffles slips away, hidden beneath Mackenzie’s frock coat and hat, while Gwen remains steadfast by his side, ready to face whatever comes next as the couple disappears into the night.
