Prince Nebuch, an old and eccentric Highland prince, instructs his chief hunter Gort to bring him yet another unique specimen for his collection. The hunter soon brings back news of a wolf riding through the jungle on a horse. Taking this as evidence that werewolves exist, the prince orders Gort to bring back Devil!

Hot on the trail of the wolf-nappers, the Phantom witnesses the prince urging Devil to change into human form. Not being able to resist the temptation, the Phantom sets an elaborate scheme into motion that will spin the heads of both the gullible prince and his unscrupulous hunter for years...