Matt Helm is assigned by his secret agency, ICE, to bring down an evil count named Contini, who is trying to collapse the world economy by stealing a billion dollars in gold. Helm travels to Copenhagen, where he is given a guide, Freya Carlson, a beautiful but bumbling woman from a Danish tourism bureau.
A pair of Contini’s accomplices, the seductive Linka Karensky and Yu-Rang, each attempt to foil Helm’s plans. The former is killed in an ambush intended for Helm, the latter in an explosion. On each occasion, Freya’s clumsy attempts to assist Matt are helpful, but not particularly appreciated.
McDonald, his chief at ICE, turns up to aid Helm, but is wounded in action. McDonald confides to Helm that the seemingly inept Freya is actually a top-secret British agent herself, using a clever guise. They go to Contini’s chateau for a showdown, and Helm creates chaos and destruction with a variety of unique gadgets. Contini escapes with the gold on a train bound for Luxembourg, but Helm and Freya are able to catch up to him in a minihelicopter. Freya is almost killed by Contini, but Helm rescues her, then kills Contini by throwing him through a trap door onto the railroad tracks. Successful and alone at last, Helm finally has an opportunity to thank an appreciative Freya as only he can.