A traveling circus arrives in a small town, and its owner, Colonel H. Ralph, is eager to settle down and start a permanent riding show. The town's ranchers are suspicious of his intentions, fearing that the circus' star, a wild and untamable stallion named "Gypsy," might stir trouble with their own horses. Tensions rise when a series of mysterious accidents begin to plague the ranches, endangering the livelihoods of the local community. A young woman named Kay, who is training her own horse for competition, believes that someone is intentionally sabotaging the ranchers.

Roy, a rancher and skilled horseman, steps in to help uncover the truth behind the accidents. With his trusty horse by his side, he starts investigating and soon discovers evidence pointing to foul play. He builds a rapport with Kay, and together they work to bring the saboteur to justice while protecting their horses and neighbors. As they dig deeper, they face numerous obstacles and dangers, but their determination never wavers. The unfolding mystery ties back to the circus and its intriguing characters, leading to a high-stakes confrontation that will determine the future of the town and its residents.