Visiting a reception at the Italian Ambassador's one evening, Raffles and Bunny conspire to steal an item of jewellery which is on display. But for the help of Faustina, a maid who works at the Embassy, they would have been caught. To repay her assistance, Raffles arranges to rescue her from the Embassy where she is being kept against her will by Count Corbucci, the evil Ambassador.

All goes well, but there is a very nasty shock in wait for Raffles, and an endless night.

Loud mouthed Barney Maguire is America's champion heavy weight boxer. At Raffles' Club one evening he brags to Raffles and Bunny that he has a trap which would trap the cleverest of Cracksmen. He also insults the noble game of cricket and ridicules his English boxing opponent.

This is enough to tempt Raffles into breaking and entering Maguire's premises, but he is unaware of the nature of the trap which awaits him. It is left to Bunny to save the day.

Sir Arthur Rumbold, the pompous Secretary for Home Affairs, announces that he wishes to introduce much tougher penalties for offences against property. Raffles, believing this to be a step back into the dark ages of Botany Bay and transportation for life, is furious and determines to teach Sir Arthur a lesson by burgling his own substantial London home.

Announcing to Bunny that the burglary will be an unplanned affair, Raffles goes enthusiastically to work, but it is not long before events start to go drastically wrong.

Kaiser Wilhelm of Germany is seeking to embarrass the British Government by using Herr Von Heumann, one of his agents, to hand back a priceless black pearl, which had once been a gift from Queen Victoria to her daughter, to the tribal leader from whence it originally came in the South Pacific, an area dominated by the British.

Raffles is naturally infuriated at the behaviour of the Kaiser, but he is also very interested in acquiring the pearl for his own use. He wants to be able to spend the season playing the tables at Monte Carlo with Bunny with the proceeds of the sale of it. He feels very much put on the spot when he is approached by the British Government who want him to steal the pearl for them. This conflict of interests makes Raffles play his cards very close to his chest as he endeavours to successfully acquire the pearl for himself.

Raffles and Bunny both end up joining the hunting set at a house party where Herr Von Heumann is also a guest.

Wandering the streets of London one night with Bunny, Raffles, who is becoming bored and blase about the ease with which he is able to steal from the rich, acts on the spur of the moment and breaks into a house while the owners are actually present.

To his astonishment he finds that he has chosen the house of an old flame of his, a long lost love who is already married. He is discovered by this lady in the act of stealing her jewellery, but she confesses to Raffles that she still loves him, and wants him to go away with her.

Raffles still loves the lady, but he also loves his life at The Albany, and playing cricket for England, and stealing diamonds.

Raffles must find a way of maintaining the status quo.