The story revolves around Wild Bill Clanton, the captain and owner of the Lazy Lass, and his partner Raquel O’Shane. They find themselves in peril when Big Joe Croghan, a member of the crew, leads a mutiny with the intention of seizing a hoard of pearls and handing Clanton over to the English man-o'-war they've been eluding. The mutineers plan to anchor at the island of Muweia, claiming to have been pressed into piracy by Clanton to gain a pardon from the British, offering a few pearls as proof of their "honesty."

However, Clanton and O’Shane escape ashore during the mutiny. Separated, Raquel encounters King Tanoa, a native ruler educated in Europe, who scoffs at her attempt to pose as a goddess. Clanton arrives in time to save her from Tanoa's clutches, breaking the king's neck in a fierce confrontation. Clanton then frees political prisoners, opposing Tanoa's rule, and with Raquel's help, draws the mutineers ashore where they are overwhelmed by the natives.

With Tanoa dead and the mutineers subdued, Clanton reclaims his ship with the help of the natives, now led by Queen Leilu, whom Tanoa had usurped. Together with Raquel and a new crew of willing Kanakas, Clanton and O’Shane sail away, leaving the island and its troubles behind.