Captain Ralls is a tough and experienced sailor who works for shipping mogul Mayrant Sidneye. Ralls falls in love with Angelique Desaix, who is Sidneye's fiancée. When he realizes that Angelique reciprocates his feelings, he decides to steal the fortune in gold that Sidneye has aboard the ship Red Witch and elope with Angelique.
Ralls and his crew sail the Red Witch to a remote island, where they hide the treasure and sell the ship for scrap. However, years later, Ralls returns to the island to retrieve the treasure, only to discover that Sidneye has already found it and is waiting for him. A fierce confrontation ensues, and Ralls must risk his life to save Angelique and reclaim the gold.
The film is notable for its stunning visuals, including gorgeous tropical landscapes and thrilling sea battles. The performances by leading actors John Wayne and Gail Russell are also praised for their depth and chemistry. Overall, Wake of the Red Witch is a must-see for fans of classic sailing adventure films.