Courageous reporter Paula "Peril" Perillo follows a lead to an abandoned warehouse, where she is attacked by five brutal thugs working for the corrupt mobster Vince Vincelli. After putting up a valiant fight, she is subdued, bound, and threatened by them for information. Back at her newspaper office, the beautiful rival reporter Veronica Vilancourt plots to steal Paula's headline. Her friend and partner, Jimmy Smith, worries about Paula's whereabouts, and discusses his concerns with the Editor of the paper, Slim Jackson. He has no solution but to find Paula - and publish her story before the deadline that night. Both of them review past adventures for clues to Paula's whereabouts, including the theft of a mysterious artifact in 'Mystery of the Crystal Falcon', and the supernatural power of 'The Invisible Evil', previous adventures that Jimmy shared with Paula. As the night approaches, the thugs have had enough of the meddling reporter. They bind and gag the helpless Paula, and set the building with explosives rigged to destroy the building and the evidence of their crime. As the timer ticks down to zero, Paula is running out of options. Will she escape in time to expose the Vincelli operation once and for all?
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