Cisco and Pancho set out to clear their names in a series of stage robberies committed by two thugs who are impersonating them.
In Old California, a young Frenchman transporting a chest full of silver travels by stagecoach to San Marino, to complete a complex business deal. The stagecoach is ambushed by a band of men whose leader, a mysterious bandido known as Cisco (Gilbert Roland), claims the silver is money that was extorted over a period of years from the poor people of California. The bandits take the money and escape, but Cisco stays behind with the Frenchman -- who, it turns out, is actually a lovely mademoiselle, Jeanne DuBois (Ramsay Ames). She follows him to the bandit's lair, where Cisco tells her he intends to return the stolen money to the poor people. The two rivals are irresistibly drawn to each other, however, and as a token of love Cisco offers to return the money to Jeanne instead. Now she must decide whether to complete her business deal, or to comply with Cisco's wishes and redistribute the wealth.
Eduardo Belmonte overhears his new step-mother, Maria, and her lover, Don Ricardo Gonzales plotting to take over the Belmonte rancho on the night of the fiesta given by her husband, Don Carlos Belmonte. Eduardo offers Maria money if she will depart the hacienda premises, but she refuses and then accuses Eduardo of making love to her. The old Don doesn't take kindly to his son hitting on his step-mother and attacks him in a rage. The lights go out, the father is killed and Maria blames Eduardo, who escapes from the house, chased by Ricardo's men. The Cisco Kid and Pancho rescue Eduardo, who has been shot, and hide him while they investigate. Cisco discovers that bullets from Maria's gun, a handy little derringer, are the same type that killed Don Carlos. But the Alcalde arrests Cisco and Pancho, and Cisco is "supposedly" executed by a firing squad, but IS NOT shot and escapes by a trick. And now Maria and Ricardo are in real trouble with Cisco on the loose.
Traveling north into Arizona, Cisco finds that someone committing robberies has been impersonating him and he is a wanted man. After retrieving some of the stolen loot, he is caught with it in his posession and put in the guard house. A friend whose life he recently saved beaks him out and Cisco heads out to find the impersonator and clear himself.
The Cisco Kid and Pancho are mistakenly identified as leaders of an outlaw band. While the cavalry runs them down, they must hunt down the real bad guys.
The Cisco Kid (Gilbert Roland) hears of a land-swindling scheme devised by the police Commandante (Martin Garralaga) and the tax collector (Harry Woods) in a small western town. Cisco's efforts against the plot cause the thieves to fall out, and Cisco is able to return the land to the rightful owners.
Daring Cabellero was the third of producer Phil Krasne's Cisco Kid "B" westerns. Duncan Renaldo and Leo Carrillo return as Cisco and Pancho, roles they'd carry over into a popular 1950s TV series. Once more stumbling into a dangerous situation, Cisco and Pancho risk their own necks by saving an innocent man from hanging. Eventually, our heroes learn that a corrupt political machine is behind the killing. Leading lady Kippie Valez is cast as "herself," which must have meant more in 1949 than it does today. Unlike the subsequent TV series, Daring Caballero does not end with the leading actors reciting their standard mantra "Oh, Pancho! Oh, Cisco!"
The Kid (Duncan Renaldo) masquerades as a government inspector in this pleasant, and pleasantly tuneful, Cisco Kid series entry. Learning that his old friends have been killed and Manuel Gonzales (Tito Renaldo) wrongly accused of cattle rustling by corrupt district officer Miguel Sanchez (George J. Lewis), the Kid assumes the identity of the murdered government official.