拉菲兹的老校友小兔·曼德斯拜访了他，小兔陷入了困境。身无分文的拉菲兹想出了一个计划，即通过偷窃的方式获得钱来偿还小兔的赌债，这个计划使两人开始了犯罪生活。 ​​​

小兔觉得自己需要做更多的事来证明自己得到财物的合理性，所以拉菲兹决定让他来担任领导。但当事情不像预期的那样发展时，拉菲兹必须负责把他们俩带回安全之地。 ​​​

拉菲兹和小兔从大英博物馆偷走了著名的圣阿格尼丝金杯，但一群犯罪学家追踪到了他们，怀疑拉菲兹是小偷。他不得不想出一个巧妙的方法来证明他们是错的。 ​​​

拉菲兹在嘱咐小兔要把他珍贵的银器存放到银行保险库后就动身去了苏格兰。拉菲兹走后，麦肯齐探长看到了将窃贼绳之以法的机会。然而，当银行保险库被盗，而拉菲兹本人又远在百里之外的情况下，麦肯齐探长对他的态度就发生了改变。

意大利大使馆的珠宝展对拉菲兹和小兔的诱惑力太大，而拯救一个被邪恶的大使摆布的年轻姑娘的机会也是如此。拉菲兹计划偷走这两样东西，但他低估了这位外交官为了复仇所付出的努力。 ​​​

巴尼·马奎尔是一位美国重量级拳王，他因为在拳击场上的成功而获得了丰厚的回报，并吹嘘自己可以抓住任何试图偷走他的金砖和银雕像的人，拉菲兹打算通过智慧而不是力量来对付他。 ​​​

伦敦的另一个绅士小偷让拉菲兹很担心 - 这座城市容不下他们两个。拉菲兹和小兔跟踪这个人，偷了他的一些战利品。然而，这个罪犯也不是好惹的，说到冷酷无情，拉菲兹可不是他的对手。 ​​​

当拉菲兹不得不为英格兰队打板球时，偷窃荷兰百万富翁家的计划就遇到了障碍。小兔决心自己动手，证明自己的能力。然而，事情并没有完全按计划进行 - 特别是当他遇到另一个试图完成同样工作的小偷时。 ​​​

当他的一个板球朋友与一个无情的放债人发生冲突时，拉菲兹决定支付这个人的欠款，他还同意为放债人做一件事。但当那个人试图出卖他时，拉菲兹决定执行即决审判。 ​​​

Sir Arthur Rumbold, the pompous Secretary for Home Affairs, announces that he wishes to introduce much tougher penalties for offences against property. Raffles, believing this to be a step back into the dark ages of Botany Bay and transportation for life, is furious and determines to teach Sir Arthur a lesson by burgling his own substantial London home.

Announcing to Bunny that the burglary will be an unplanned affair, Raffles goes enthusiastically to work, but it is not long before events start to go drastically wrong.

Kaiser Wilhelm of Germany is seeking to embarrass the British Government by using Herr Von Heumann, one of his agents, to hand back a priceless black pearl, which had once been a gift from Queen Victoria to her daughter, to the tribal leader from whence it originally came in the South Pacific, an area dominated by the British.

Raffles is naturally infuriated at the behaviour of the Kaiser, but he is also very interested in acquiring the pearl for his own use. He wants to be able to spend the season playing the tables at Monte Carlo with Bunny with the proceeds of the sale of it. He feels very much put on the spot when he is approached by the British Government who want him to steal the pearl for them. This conflict of interests makes Raffles play his cards very close to his chest as he endeavours to successfully acquire the pearl for himself.

Raffles and Bunny both end up joining the hunting set at a house party where Herr Von Heumann is also a guest.

Wandering the streets of London one night with Bunny, Raffles, who is becoming bored and blase about the ease with which he is able to steal from the rich, acts on the spur of the moment and breaks into a house while the owners are actually present.

To his astonishment he finds that he has chosen the house of an old flame of his, a long lost love who is already married. He is discovered by this lady in the act of stealing her jewellery, but she confesses to Raffles that she still loves him, and wants him to go away with her.

Raffles still loves the lady, but he also loves his life at The Albany, and playing cricket for England, and stealing diamonds.

Raffles must find a way of maintaining the status quo.