Treasure hunter Johnny retrieves a jewel ring from underwater but his boat is attacked and destroyed in an explosion. Cobra arranged to meet Johnny at the port, but no-one has seen him since he went near Baron Island. No fishermen will take him there, and a local boat captain tells him the ocean nearby is cursed with undersea wandering beauties. For a high price, he offers to take Cobra there in his old boat the next day. He tells Cobra that Johnny used to hang out at the Angel Kiss bar, owned by Baccus. At the bar, Baccus says Johnny had apparently found some treasure at sea, but others were also searching for it. Later that night, Cobra is held up by a member of the gang that killed Johnny but he kills him. In the morning he meets history student Ellis Lloyd who is also going to Baron Island. They find the captain murdered, so take the boat out themselves. They arrive at the island that 2,000 years ago had a flourishing civilization that apparently used to drown virgins dressed in precious jewellery as offering to the gods. They dive and find Johnny, his boat, the ancient ring he’d found and coordinates of the treasure. While underwater they are attacked by another member of the gang, but Cobra kills him too. They head to the location and two more gang members follow them. At the site, Cobra and Ellis find the wandering beauties, unchanged because of an extremely cold water current. On board the boat, Cobra is attacked, and kills two of the gang, but is surprised to find that Ellis is their leader. He kills her, and she joins the underwater procession of wandering beauties.
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