Red Devers and his gang have been victimizing ranchers for profit, and their next victim is Bob Kittredge (DeForest Kelley), whose returned from the east to take over his late father's ranch, the Circle K. First Devers frames Bob's foreman, Banty Bishop, for the theft of the ranch's payroll, and gets himself hired as the new foreman; then he has all the other hands fired and replaced with his own henchmen; then he and his gang beat Bob into submission, so they can sell the ranch for their own profit. With the help of Banty and all the other old-timers who were fired from the Circle K, the Lone Ranger and Tonto defeat Devers and his gang and rescue Bob Kittredge.

Note: This is the first episode in which the Lone Ranger uses a disguise other than his mask.