A tale of an international counterfeiting-ring operating in Mexico starts with Patrick Nevil viewed as a suspicious character by newspaper woman Agnes Stuart, who is working on a story to expose racketeering night-club owner Doc Lilley.
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Bootleggers on the lam Frankie and Noll split up to evade capture by the police. Frankie is caught and jailed, but Noll manages to escape and open a posh New York City nightclub. 14 years later, Frankie is released from the clink and visits Noll with the intention of collecting his half of the nightclub's profits. But Noll, who has no intention of being so equitable, uses his ex-girlfriend Kay to divert Frankie from his intended goal.
When an employee at an illegal gambling den dies suspiciously, her sister, Nancy, looks into the situation and falls for Johnny O'Clock, a suave partner in the underground casino. Selfish and non-committal by nature, Johnny slowly begins to return Nancy's affection and decides to run away with her, but conflict within his business threatens their plans. As Johnny tries to distance himself from the casino, his shady past comes back to haunt him.
Recently paroled from prison, legendary burglar "Doc" Riedenschneider, with funding from Alonzo Emmerich, a crooked lawyer, gathers a small group of veteran criminals together in the Midwest for a big jewel heist.
Police Lt. Leonard Diamond vies to bring a clever, well connected, and sadistic gangster to justice all the while obsessing over the gangster's girlfriend.