Lui Yik-pang is reduced to his wits' end to rein the Golden Butterfly. Chong Tak-ming emerges as the suspect. The friendship and ties between former classmates Lui and Chong date back years ago. When the impoverished Chong turned to banditry, Lui abided by the law and arrested Chong. Chong repented and bore no grudges. Chong's daughter Ching-han and Lui's son Siu-man are lovers. Ching-han reinvents herself as a chivalrous bandit and robs the rich to help the poor after the imprisonment of her father and the death of her mother. Endowed with her father's gifts, Ching-han remains out of the law's reach, until she is tailed by the father enlisted in the police service. A bitter row ensues; the father's underling Sung Sing-biu snatches the stolen goods and activates the security system. Ching-han is prepared to turn herself in when Sung surrenders himself as a gesture of gratitude to his benefactor. Attending the wedding banquet, Lui brings his son and daughter-in-law a golden butterfly.
Guerrilla fighter Lam Suet-fan is in charge of the operation which succeeds in crippling the traitorous activities of Ting Chuen. An infuriated Ting strikes back, swamping the occupied territory with spies and exposes the singer disguise of Lam's comrade Laura who is made his mistress. Through the discreet help from Ting's cousin Sai-kit who goes undercover as the traitor's house guest, a series of offensives are launched, resulting in heavy casualties in the Japanese camp. With pressure mounting on both sides, guerrilla leader Lady Spy No.1 entrusts the mission of bombing Ting's signal tower to Lam who will then lead the troop in retreat. The mission fails, leading to the arrest of Lam and Sai-kit. Laura puts her life at stake in order to accomplish the mission and before she expires, reveals herself to be their leader and names Lam her successor to lead the troop to its stronghold in the north. (Synopsis based on audiovisual materials)
