Outlaws terrorize ranchers near Maverick. Buck Grant, using the disguise of the Phantom Rider, battles against bandits.

Buck escapes death by rolling under a water trough a split second before the dynamite explosion. Spooky tells Buck a crooked deal is planned.

Bucks seems trapped in the burning jail. He whistles for Silver, who wrenches the bars loose and Buck escapes.

Buck comes to the surface of the lake and swims ashore with Mary. Silver meets his master and they start for the ranch chased by outlaws.

Buck and Silver land on a jutting shelf of rock below the top of the precipice. Buck gives the wallet, which he took from the safe, to Judge Holmes.

The bandits drag Buck with them. Later he gets away on Silver. The captured outlaws try to escape from the sheriff and one of them is shot.