Two American vaudeville performers, George and Harold, find themselves in hot water after romantic entanglements. To escape their troubles, they hastily take jobs as deep-sea divers in Australia. Their new assignment takes them on an adventure to the South Seas, where they are tasked with retrieving a valuable sunken treasure. Along the way, they meet the beautiful and mysterious Princess Lala, who possesses her own motives and secrets surrounding the treasure.

As they journey through exotic islands, George and Harold encounter various comedic situations and dangerous obstacles, including hostile natives and wild animals. Their friendship is tested, but their loyalty remains intact as they strive to outwit their adversaries and complete their quest. The story is filled with humor, music, and romance, set against the backdrop of lush tropical landscapes. The first half of their adventure sets the stage for an even more thrilling and unpredictable path ahead.