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.

Somebody is setting himself up in opposition to Raffles as another gentleman thief, and Raffles doesn't like it, as he is being accused by Inspector Mackenzie of things which he did not do. Eventually Raffles pinpoints the thief as Lord Ernest Belville, and he and Bunny break into Belville's rooms in quest of some stolen loot.

Eventually there is a confrontation between Raffles and Lord Ernest Belville, and things go very wrong indeed for one of them.

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.