After the end of World War I, pilot Waldo Pepper (Robert Redford) has little to keep his adventurous spirit alive. So he embellishes his War feats and begins to barnstorm throughout the country. He joins forces with former rival Axel Olsson ( Bo Svenson) and the two tour the country with some hilarious adventures. Finally, they end up in Hollywood and take jobs as stunt pilots. There, Waldo, finds himself face to face with a former German pilot Ernst Kessler (Bo Brundin). This causes some problems for Waldo as all this time he has claimed to have shot down the German Ace. But before the director can stop them, the two decide once and for all to find out who is the greatest pilot of their time by having a dogfight. Only no one knows that the entire fight has been staged.