Chad sneaks into the barracks at night wearing only his underwear. Reese and Joe catch him and he explains he lost Billy Harker, the prisoner he was escorting. He gets a change of clothes, Reese's spare gun and a horse and heads back out. The next day Reese and Joe are sent out to catch the thief who stole the ranger horse, the only clue being Chad's muddy socks. They find Chad as he is wrestling with Laurie Martin, Harker's girl, a very convincing but deceptive young woman. She convinces Reese she was forced to help Harker out of fear and she leads him off to find Harker but knocks him out with a piece of wood instead. She is caught but tricks cattle drovers into thinking the rangers are outlaws and escapes during the ensuing fist fight and cattle stampede. Joe saw her escape but let her go saying if she thinks they aren't following she'll head right for Harker, which she does. The rangers track her to the outlaws hideout and capture or kill Harker and his gang in a shootout.

Reese is tricked into volunteering for stable duty by Chad and Joe, who are then sent out to escort a payroll wagon. They are distracted from the wagon by a runaway team and the payroll wagon is taken by a group of renegade French soldiers who want to return to the power and status they enjoyed under Maximilian. Reese is sent to the French camp as a spy by Parmalee. He does all right but is suspected and when he leads the French out after another payroll wagon Chad and Joe are caught sneaking into their camp by a reserve force. Parmalee and the Rangers guarding the second payroll wagon are taken back to the French camp with Reese, where it is decided Reese is to be shot as a spy. Meanwhile, Chad and Joe break their bonds and are dressed as Mexican soldiers allied with the French. Reese notices they are two of the four men in the firing squad and the brawl starts. Back in Laredo Chad and Joe convince Reese he is going to receive a medal. He finds out there is no medal from Parma

Chad and Joe are sent to Guarded Wells to dispose of the Ramirez Gang. They do and a grateful town rewards them with food, drink and hotel rooms for free. Chad devises a way he and Joe can take advantage of this and wires the Captain that the Calico Kid is headed for town. Afterwords they learn that the real Calico Kid, a road agent 30 years earlier, is now Sam Lowell, an older man who has since become a model citizen. Not wanting to cause trouble for Sam, Chad and Joe work out a plan to put on a mock shoot-out during which the Calico Kid(Chad)is killed. Meanwhile, Sam's niece Lorrie sends a telegram to Parmalee asking for more men, stating they are doomed to destruction because of the Calico Kid's impending visit. Parmalee gets suspicious and rides to Guarded Wells with Reese. Town businessman Jacobus Carson, who originally hired Ramirez finds out about the Rangers Calico Kid plan and decides it would be a good time to rob the gold bullion from the bank. Chad and Joe stage the