Divers Brad and Tony arrive in Jamaica to attempt salvage of the "Lady Luck," sunk with all hands and a million in gold. They charter a boat, "American Beauty," skippered by attractive Terry McBride, but cannot find the ship. But there's more to the "Lady Luck" than meets the eye, and undersea skullduggery forms a counterpoint to Brad's romance with Terry, and Tony's with cabaret singer Venita.