Lily Frontiere returns from a costly European trip to find her mother has accumulated large gambling debts. Things grow worse as her mother’s health deteriorates and she can no longer run Lucky Lil’s, the most famous whorehouse in San Francisco. Though Lilian shielded her only child from house life by sending her away to boarding school, Lily takes over and poses as Madam Lil. Her intelligence and astonishing resemblance to her mother help, but she’s entering a world she knows little about. Lily tries to extract the house from impending financial ruin until a handsome stranger turns up with the deed to Lucky Lil’s in hand.
Gambler Jed Stone journeys to California to track down Simon Morgan, the man responsible for his best friend’s death. Arrested for robbery and murder upon arrival, he is shocked to see his face on a wanted poster. Jed escapes before his hanging, unaware that the man guilty of those crimes is the twin brother he never knew existed. In a case of mistaken identity, Jed acquires Lucky Lil’s in a rigged card game his twin is meant to win.
Jed asks Madam Lil to stay on as he learns the business. Lily clashes with the new owner over ways to make the establishment profitable, yet she is attracted to the charming risk taker at the same time. Jed is fooled by Lily’s charade until he stumbles upon the real Madam Lil and learns the truth behind Lily’s deception. His admiration for Lily blossoms into love.
But Simon Morgan seeks both Lily’s hand and ownership of Lucky Lil’s-and he will go to any means to possess both. Will Jed foil his nemesis while bringing his outlaw brother to justice?