James Lynch, Rangeview's banker, has been losing cattle to rustlers. He offers a big reward for outlaw Long Pete, who has never been seen. Steve Brent needs the money but when he rides towards Rangeview, an eager sheriff suspects him of being Long Pete. Suspicions rise further when Steve takes out a bank loan to buy a black stallion from Bill Lawton, Lynch's ranch foreman, under unusual circumstances.
Leaving town in a hurry, Steve meets and stays with young Alan Carman. Sheriff Ed Furness and Bill Lawton arrive at the Carman cabin to arrest Steve for horse theft -- Lawton has refused the horse's sale price and Lynch claims he didn't authorize the loan. Alan and Steve escape and head into town. The cavalier Brent must catch the slippery rustlers and reveal the truth about Long Pete to reveal his -- and Alan's -- innocence.