The territorial governor asks the Lone Ranger to investigate mysterious raids on settlers by Indians who ride with saddles. Wealthy rancher Reese Kilgore wants to mine silver on Spirit Mountain which is sacred to the Indians.

Three Indians were brutally murdered by a gang of hooded outlaws. Each one possessed a silver medallion, which were sections cut off from a large silver plaque which served as a treasure map to a secret location where a large amount of gold is reputedly stashed. Two more medallions are unaccounted for, and the The Lone Ranger and his friend Tonto must use all their resources to intercept the gang, prevent further carnage and save the owners of the medallions.