Grayson's traveling carnival comes to Munich with acts that include high-dive artist Frank Collini and silent strongman Groppo. A local girl named Willi picks the pocket of Joe, who works for the carny, but she ends up being offered a job.
Joe makes romantic advances to Willi, who tries to resist him but can't. Collini asks if she would like to become a part of his act, which involves diving into a flaming tank of water from a great height. He also proposes marriage on Willi's first night as part of the show.
Magazine photographer Bill comes to take their picture as The Great Collinis' fame grows. Collini gives a beating to Joe after catching him with Willi, whereupon he plunges to his death after a rung on his high-dive ladder breaks.
Willi inherits $5,000. Joe spends the night with her, but next morning is gone, as is her money. She eventually gets Joe to confess that he sawed Collini's rung in two, deliberately causing his death. As they quarrel, strongman Groppo comes to Willi's rescue, kills Joe and is led away by the police.
