At the Cirque de Paris, society magician and famous disappearing artist Chéri-Bibi performs his act before a well-heeled Parisian audience. While Cecile, his friend and admirer, waits in his dressing room, unable to watch the daring feat, Chéri, with his hands and legs bound, is lowered into a tank of water. The audience grows silent as the clock ticks away, and firemen wait on the sidelines, prepared to rescue the magician should he fail to emerge from the tank in time. To the audience's astonishment, Chéri makes his escape with little time to spare. Cecile lives with her wealthy but ailing father, Bourrelier, who recently added a codicil to his will specifying that if she were to marry the Marquis du Touchais, he would receive a liberal allowance from his estate. However, when Bourrelier is informed that the marquis is a nobleman, he removes the allowance clause from the will so as not to spoil the young man and allow him to live an idle life. Bourrelier informs the marquis of the change at a party at his residence, and he reacts angrily, accusing Cecile's father of favoring her upstart suitor, Chéri. Bourrelier denies the accusation and later tells Chéri personally that he will not allow him to marry his daughter. Soon after the confrontation between Chéri and Bourrelier, the aged millionaire is murdered. Police Chief Costaud immediately begins an investigation into the murder and questions the guests attending the party. When the marquis is questioned, he lies to Costaud, telling him that Bourrelier privately expressed his fears about Chéri. The magician is promptly arrested and jailed. Though extra security precautions are taken to insure that Chéri does not escape, he manages to free himself from his cell. The magician then attacks a guard, takes his clothes and walks out of the prison unnoticed. Meanwhile, Dr. Gorin, a friend of Chéri's, tells the police that Chéri could not have committed the murder. Another friend of Chéri's, Herman, hides him in the basement of his shop. When Costaud pays Herman a visit, he informs him that the marquis is dying and then searches the shop. Before the police chief can find him, Chéri flees. Having overheard the news of the marquis' impending death, Chéri sneaks into his home and persuades him to admit that he killed Bourrelier. However, the marquis dies before he is able to make the confession. Chéri quickly devises a plan to save himself by bringing the body of the marquis to Dr. Gorin and asking him to perform an operation that would make him resemble the marquis. Chéri then arranges to have his own death announced publicly. The newspapers soon tell stories of the Chéri holding the marquis prisoner before his death. Six months later, Chéri, disguised as the marquis, returns to the marquis' mansion and realizes that Cecile, now married to the marquis, has been unhappy. After Cecile tells Chéri that her love for the magician has never faltered, he reveals himself to her. No sooner does Chéri tell Cecile that he loves her than Costaud and his officers arrive to question the marquis. After fingerprinting the magician, Costaud accuses Chéri of impersonating the marquis and arrests him. Again, Chéri manages to escape, and when he returns to Cecile's house, he forces Vera, the marquis' accomplice in Bourrelier's murder, to confess his guilt. Costaud overhears Vera's confession, and Chéri is vindicated of the crime.
