An escaped circus lion provides the impetus for the meeting of carnival owner Nick Coster and Matt Varney, a small-town man who suddenly becomes a lion tamer when he manages to subdue the big cat. While acclimating to carnival life, Matt begins a romance with Nick's sister, Mary, causing tension between Matt and Nick. The latter must also juggle his stormy relationship with glamorous circus star Flo Lorraine.

Anna runs away from her wealthy father's ranch and becomes a trick rider in a circus to be with her sweetheart, Cal Coney, a circus cowboy, when her father disapproves the match. There she achieves fame as "Anna Montana," but she remains unhappy because Cal refuses to admit that he loves her. Meanwhile, Rawl Souvane, manager of the circus, plans to woo and marry Anna when he preceives that she is wealthy.