Mexican bandit Pancho Gomez, who is assumed dead, survives in Corrales, Mexico as wealthy rancher Señor Montes. The bandit spent his life robbing the rich to give to the poor, who still honor his grave on All Saints Day. Eager to share his ranch with his kid brother, Manuel Montes, Pancho invites him to Mexico after he completes his American education and arranges for him to marry Carmela, the homely daughter of the prominent Ramirez family. When beautiful Spanish dancer Chulita arrives to perform at Manuel's graduation party, they fall quickly in love and spend the night together. Near dawn, Pancho confesses to Manuel his intention to propose to Chulita that morning, and Manuel runs away with his trainer Chato to become a bullfighter. Pancho is convinced that Manuel lacks the courage it takes to be a bullfighter as he was gored as a child, and disowns his brother. Chulita rejects Pancho's proposal and follows Manuel, but he rebuffs her in order to remain loyal to his brother. Manuel becomes a successful matador and is scheduled to fight at the Fiesta of Corrales, where Chulita will make her final appearance before returning to Spain. Pancho arrives at the hotel to be reconciled with Manuel and finds Chulita in his arms. He then accuses Manuel of being spineless for not admitting his love for Chulita and dares him to fight a real bull. At Corrales, Manuel finally is gored, but Chato insists the experience will build his strength and sets up a fight in Mexico City. Manuel's fear drives him to drink, and Chulita forces him to choose between her and bullfighting. He chooses the fight and she goes to Pancho to beg him to change Manuel's mind. That night a robbery is committed and Pancho Gomez, whom some believe still lives, is blamed. Chulita realizes Montes is Gomez and tells him he cannot come to Mexico City or he will be caught. To prove his courage, Pancho goes with Chulita to Manuel and admits he is the bandit. Manuel antagonistically dares Pancho to attend the fight, where he kills the bull in honor of Pancho Gomez and reveals his brother's identity. As the police take Pancho away, Manuel is gored and Pancho runs into the ring to save him. Manuel gets up to usher his brother out of the ring, then kills the bull. Pancho's usually dim-witted companion cunningly announces that the real bandit can only be identified by a tattoo on his arm. When Pancho reveals an unmarked arm, he is exonorated. Manuel promises to retire from bullfighting in order to join Pancho on the ranch.