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When a factory night watchman is gunned down the police arrest Jim Sullivan as the suspect and he is found guilty of the crime. In prison, he is visited by his girlfriend Elaine Brown and he tells her that he has been framed by Big Dan Folsom for refusing to join his gang. Elaine believes him and vows to clear his name. She begins working a string of jobs to save up for her own investigation and eventually hires Mark Mason to do the job. As she explains the situation, Mason's secretary Louise Grant overhears the story and decides to leave the office to talk to her. As Louise gets outside to catch up with Elaine, she spots a speeding car and saves Elaine from a drive-by shooting. Realizing that Big Dan is trying to silence Elaine, Louise offers the services of the Blonde Phantom.

That night, Louise changes into her alter ego and seeks out Pinky Desmond, a small time crook who testified against Jimmy during his trial. She drops in on Pinky as he is meeting with Big Dan regarding the botched drive by. The Blonde Phantom easily subdues the crooks and holds them at gun point. When they refuse to talk and clear Jimmy's name, the Blonde Phantom reveals that Elaine was hiding in the other room and recorded their whole conversation. The Blonde Phantom then turns the two crooks over to the police.

The next day as Mark Mason reads the story in the paper, he wonders why the Blonde Phantom gave the reward to Elaine and Jimmy as a wedding present. Louise remarks that perhaps seeing justice done is the only reward the Blonde Phantom wants.

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