A country boy, Jim Conroy, is living a dissolute life in the city, running around with vamp Helen Ross. When his father cuts him off, he is dumped by Helen and returns to the bush. Jim works for a corrupt squatter, Stingey Smith, and falls in love with Kitty Carewe, daughter of John Carewe, the squatter next door. John is impressed with Jim's skill with a horse and invites him to train his finest horse, "Swagman", hoping to win enough prize money to save his farm. A jealous farm hand plots with Smith to fix the race so that the latter can take over the Carewe farm, letting "Swagman" go and run with the brumbies (horses). However Jim rescues the horse and rides it to victory. Smith frames Jim for theft but he is proved innocent and Jim marries Kitty.