An outlaw leader planning to take control of Texas after the Civil War kills Colonel Jeffries, a man empowered to levy taxes, and assumes his identity. His men then murder a troop of Rangers. Tonto finds one Ranger still alive and he becomes the Lone Ranger. A Jeffries spy thinks one of five men is the Lone Ranger and to eliminate his enemy, Jeffries has all five captured and sentenced to death.
Jeffries' men plan to wipe out a wagon train of Texans.
Jeffries forces Blanchard to send a recommendation that he be made Governor. The Lone Ranger chases the courier but a spiked pit awaits him.
Jeffries prepares another trap for the Lone Ranger.
Catching one of Jeffries' men who trailed a wounded Jim Clark to their secret caved, there is a fight and the Lone Ranger ends up trapped in a pit with a steaming caldron.
Clark dies from his wounds. Of the four remaining Rangers, the identity of the LOne Ranger is still unknown. When Jeffries' men kill two Indians and leave silver bullets, their tribesmen capture Tonto and prepare to kill him.
Joan has been placed in a wagon with gun powder and the Lone Ranger rides to save her.
The Rangers get Jeffries' silver but retrieving it the next day, two of the Rangers get trapped in a well.
The Rangers are jailed for taking the silver. Kester has obtained the spur from the Lone Ranger and now says he will identify him.
The Lone Ranger and Tonto get trapped in a burning barn
When Jeffries' men kill Bob Stuart's uncle, the maker of the silver bullets, Stuart trails them and ends up in a gunfight.
Stuart dies leaving three Rangers. Trying to save Joan and her father, they and the Lone Ranger are in a stage that goes over a cliff.
Chapter 1 flashback.
Kester uses the Rangers' pigeons to locate their secret cave. Greatly outnumbered, Forrest collapses the cave ceiling killing himself and the soldiers.
The two remaining Rangers try to escape from the rest of Jeffries' men but one is killed. The Lone Ranger organizes the Texans who then meet Jeffries and his men in a final shootout. With the Texans now in control the Lone Ranger finally unmasks.