The film starts with con-artist Chuck Reardon (Bing Crosby) singing "You Lucky People, You" as a side-show caller at a circus advertising an act featuring his friend Hubert "Fearless" Frazier (Bob Hope). "Fearless" poses as a human cannonball, but he quickly substitutes a dummy at the last minute and hides in a secret compartment. The flaming dummy sets the big tent on fire and the two of them flee. Their subsequent acts show 'Fearless' doing more dangerous acts, usually getting injured. When Chuck brings the next 'great idea', wrestling a live octopus, 'Fearless' finally balks and wants to go back to the states. At a fancy restaurant, they're sent champagne by a wealthy man, diamond baron Charles Kimble (Eric Blore). The festive mood turns sour when the police show up, but Kimble bails them out. They decide to go home to the United States, but when Chuck goes to get the tickets Kimble invites him onto his yacht for a drink.