Jungle roamer Johnny Weissmuller (playing himself) is exploring the African waters of Magi somewhere in mid-Cannibal Valley. While doing so, he stumbles upon a corpse apparently killed by a crocodile. Weissmuller decides to report the death to John King, leader of the white colony in the Magi. King is in charge of mining cobalt for the government, and confides to Weissmuller that recently a few shipments were stolen by looters passing off as crocodiles.
Returning to work, Weissmuller is ambushed by the looters, natives of Magi. He escapes from their clutches unscathed and sets out to recover the stolen cobalt. After a series of unfortunate events, including getting in the way of a giant-sized eagle, Weissmuller discovers a cave filled with the looted goods. He finds out from a Magi native, Luora, that the cobalt hoarders are members of the tribal clan, the Shenzis. They wish to gain more power by stealing the cobalt supplies, as well as end John King's reign.
Weissmuller contacts the police commissioner and personally confronts King, who he believes has a part in the looting. King is revealed to be part-Shenzi and under interrogation, admits to having masterminded the cobalt robberies. There is a brief struggle which results in King accidentally being killed. The other accomplices are promptly arrested. A new colony leader is selected and order in the Cannibal Valley is restored.
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