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All Paris is frightened by the murders attributed to "Bluebeard". Modiste Lucille (Jean Parker) is introduced to Gaston Morrell (John Carradine), a puppeteer and painter, by her friend. They are attracted to each other, and she accepts a commission to design some costumes for his puppets.
At home, Morrell is confronted by a jealous Renee (Sonia Sorel), who performs in Morrell's puppet show and is his lover. When she wonders what became of the models who had posed for him, he strangles her, then dumps her body in the Seine River.
Art dealer Jean Lamarte (Ludwig Stössel) is aware of Morrell's homicidal tendencies, but keeps his secret, as Morrell's paintings fetch high prices. However, the normally discreet Lamarte makes a mistake in selling Morrell's last work to a duke. When the duke exhibits his collection, a policeman on guard recognizes the portrait as being that of one of Bluebeard's victims.