The Lone Wolf Returns

New York City Chief of Detectives McGowan receives a tip that the Lone Wolf is targeting the Bancroft pearls that very night. He assigns Benson to the case, though the identity of the Lone Wolf remains unknown. Only former Inspector Crane seems to hold a clue, signaling a tense night ahead for the NYPD.

The Lone Wolf steals the Bancroft pearls with ease, outmaneuvering guards as police surround the mansion. He escapes by donning a butler's robe and glasses, slipping away unnoticed into the New York night.

Next door at a masquerade party, Mallison makes a clumsy attempt to steal an emerald pendant from Marcia Stewart. The Lone Wolf watches and learns that she is discontented and yearning for romance.

The Lone Wolf borrows a mask, dances with Marcia, and kisses her before their moment is interrupted by police seeking her aunt Julie. Guests are asked to unmask so she can identify strangers, and Liane Mallison recognizes him, inviting him to a private party at Morphew's the next night.

After the disturbance, the Lone Wolf returns the emerald pendant to the wall safe. Liane's invitation hints at a second party the following night at Morphew's in Marcia's honor.

Crane goes to see Lanyard. Lanyard tells him the Lone Wolf has retired as of the previous night, a claim Jenkins is disappointed to hear. The exchange plants seeds of doubt about the case.

Later the Lone Wolf returns the Bancroft pearls, restoring at least one piece of the puzzle. The exchange reassures authorities that the original heist has been reined in for the moment.

At Morphew's party, Morphew offers Lanyard 25% of the proceeds of the coming robbery. When Lanyard declines, Morphew implies to Marcia that Lanyard is the Lone Wolf, turning the mood against him.

Morphew's henchmen are ready to take Lanyard away, but Jenkins arranges a police raid that lets him slip away. The tension around the party spikes as crooks hunt the fugitive.

As the lights go out, Lanyard convinces Marcia he has reformed because of her love. She confesses her own feelings, and the couple seems to renew their bond.

Lanyard leaves Marcia's mansion and the police tail him, while Morphew's men steal Marcia's jewels and plant Lanyard's discarded cigarette at the scene, aiming to frame him. Crane receives the news but has no ready proof.

Crane arrives the next morning to arrest Lanyard, but the mastermind locks Crane in a closet to buy time and clear himself. Lanyard later returns the jewels to Marcia with an engagement ring, signaling a final resolution of the case and the romance.