Somebody is setting himself up in opposition to Raffles as another gentleman thief, and Raffles doesn't like it, as he is being accused by Inspector Mackenzie of things which he did not do. Eventually Raffles pinpoints the thief as Lord Ernest Belville, and he and Bunny break into Belville's rooms in quest of some stolen loot.

Eventually there is a confrontation between Raffles and Lord Ernest Belville, and things go very wrong indeed for one of them.