In San Francisco, well-known sportsman Kay Hoog announces to a club that he has found a message in a bottle with a map drawn by a Harvard professor who has gone missing. The map tells of a lost Incan civilization that possesses an immense treasure. Hoog immediately plans an expedition to find it. But Lio Sha, the head of a criminal organization known as the Spiders, is determined to get the treasure for herself and plans a rival expedition.

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Fritz Lang's Spiders is about the adventures of high-society adventurer Kay Hoog (Carl de Vogt, whose gaunt, expressionless face resembles a younger William S. Hart) and his arch nemesis, a secret criminal organization known as the Spiders. Part 1 (''The Golden Lake'') is a treasure hunt that takes both Kay and Spiders mastermind Lio Sha (Ressel Orla) to Peru, where they battle primitive Incas (who capture Lio for a human sacrifice) and each other for a fortune in hidden gold. Part 2 (''The Diamond Ship'') is a longer and far more intricate conspiracy involving a hidden criminal underground beneath the streets of Chinatown, a legendary lost jewel known as the Buddha Head Diamond, and an ambitious plot to rule all of Asia. Full of secret passages, coded messages, treasure maps, double-crosses, and death-defying escapes, Lang's pulpy action-fantasy borrows from the wacky serials of Louis Feuillaude (notably the deliriously entertaining Les Vampires). But behind the wild plots, gorgeous sets, and driving, breakneck-paced direction lies a dark undercurrent of death and doom that transforms his gallant hero into a brooding, vengeful spirit.