The notorious gang led by Peg-Leg Grimes is headed to the remote and peaceful town of Cooperville to rob the bank of its recently obtained horde of golden eagles. On the way there one of the gang, Laredo Cole, slaughters a village of innocent Mexicans. Unknown to the gang the bounty hunter, Iron Eyes, is in town with Squirrel Sally to collect the reward on a gang of outlaws. When the bank explodes into matchwood Iron Eyes vows to get the money, and the outlaws, for Grimes has made one mistake; he has stolen Iron Eyes' prized Palamino stallion to make his escape.