At Coney Island, broke friends Hank and Lank scheme to make money by having Lank hire on as a lifeguard while Hank pretends to drown. The trick works perfectly, earning Lank a cash reward and a hero's medal. Seeking more glory at another beach, they switch roles, but Hank accidentally falls asleep in a boat. Lank genuinely begins to drown and must be rescued by a stranger, while Hank wakes up splashing overboard. Spotting a furious Lank recovering on shore, Hank quickly flees the scene.