When Decker's gang holds up a stage, henchman Lefty takes a lady's rings. Later lefty accidentally exposes the rings buying ammunition and Cheyenne sees them. When Lefty tries to shoot Cheyenne he is captured. Now Cheyenne wants the rest of the gang and their leader.

It's 1860 and the old Spanish land grants are being surveyed. Montez is after part of Don Regas' rancho and gets the surveyor to alter the boundary. But Don Regas still has the original grant written on a bandanna. Montez sends Indians after it but Bill Cody and Gabby fight them off and a wounded Gabby unknowingly ends up with the missing million dollar deed wrapped around his arm for a bandage.