Expecting to find Tarzan dead, Raglan rushes to the trap, only to find Tarzan dazed and bruized. Helping Tarzan out, he discovers the document on the ground, where Tarzan finds it, believing it to be still intact. 

Gordon escapes from prison and flees with Alice toward the jungle, hoping to overtake Martling and warn him that the code message has placed him under suspicion. 

Back at camp, Raglan offers to go for food supplies and is accompanied by George, whom Martling insists should help him. 

As Martling and Tarzan, discovering the mutilation of the document, make plans to follow Raglan, George returns with a motor launch and food supplies, telling them that Raglan had deserted him. 

They board the launch and head up river. However, Paco, left behind to spy on them, has secretly punctured the gas tank, and as the gasoline flows onto the water, he carelessly drops a lighted match. Instantly, the river becomes a mass of flames and the launch is completely surrounded by fire.

Sinking the launch, Martling, Tarzan and George leap into the raging waters and swim safely to shore. When the flames subside, they salvage the boat and repair it. 

Raglan seeks Ula in an Indian village, but cannot strike a bargain with her as she insists on half the wealth the Goddess yields. Incensed, Raglan loiters, but Ula warns him to leave as the Indians, preparing to hold a sacred ritual, will tolerate no white man in the village. She sends Lopez to spy on Raglan.

Resuming their journey, Martling, Tarzan and George, discover Raglan's kayuka and go to the village in search of him. Unknowingly, they are seen by both Ula and Raglan. A child approaches them with a note which sends them to the Indian ritual grounds in search of the Goddess.

On their approach, the Indian sentinels, espying them, notify the infuriated tribe. They are horrified as the maddened tribe, brandishing machetes and clubs, rush toward them with such haste that they cannot retreat.

Tarzan quells the attack of the Indians by uprooting a tree and throwing it across the path, and the trio escape.

Raglan, discovering Lopez spying on him, forces the man to lead him to the hiding place of the Goddess. Here, surprising Ula and Garcia, he escapes with the Goddess, leaving Ula and Garcia bound and taking Lopez with him.

Garcia, attempting to sever the bonds with a lamp, accidentally ignites the cabin. Detouring to the village, Tarzan, Martling, and George, attracted by the fire and screams of the victims, came to the rescue and all start in pursuit of Raglan.

In the chase, Tarzan wings across a gigantic waterfall on a liana. Raglan, seeing this severs the liana with a bullet and Tarzan is plunged down over the brink of the huge falls to the rocks below.

As Tarzan plunges downward, he grabs an over-hanging tree and pulls himself to safety.

Lopez further aids Raglan by summoning -- by means of sky rockets -- the fast steam-boat (HANSON) Which Ula has chartered for her own use. Ula explains the signals to Tarzan's party and boarding the Expedition's launch, they speed in the direction of the signals.

Meanwhile, the contraband cargo has arrived in the harbor at Livingston. Guatemalan officials are pushing the search for the Goddess and have called out their military planes to search for Gordon and Alice, who take refuge in some caves.

Raglan and Lopez board the HANSON, ordering full speed to Livingston. The Expedition's launch, trying to intercept the journey of the HANSON, enters a lagoon at full speed -- the HANSON looms in front of them and unable to stop, with a terrific impact they crash into the side of the boat. 

Raglan, recognizing the victims, forces the HANSON'S captain, who has lowered a skiff, to leave them in the alligator-infested waters. All save Garcia -- a victim of the alligators -- climb on the skiff, and are picked up by a mail boat headed for Livingston. 

Gordon and Alice, on the river bank near Livingston, seeing Raglan aboard the HANSON, believe Martling to be aboard also, and pursue the steamer. 

At Livingston, Barlatos, a mysterious stranger, and Melville, captain of the contraband ammunition ship, meet Raglan, who opens the Goddess, giving half the gems in payment for the cargo and retaining the balance.

When Tarzan and his party board the HANSON, they discover the empty Goddess. Following Melville to the freighter, Tarzan is tricked and locked in a cabin, while Melville starts to shore with the cargo. Tarzan escapes and swims after the barges. Melville, firing at him, ignites the ammunition and a terrific explosion occurs.

In the confusion ensuing, Tarzan boards the barge and recovers the gems, but is forced to relinquish them to a secret service agent aboard, who places not only Melville and his crew under arrest, but also asks that Tarzan accompany him to court to face the officials.

At the Court, they find Martling, George, Raglan, Barlatos, Ula, Gordon and Alice. It develops that Barlatos is the mastermind of the smugglers, Raglan their agent. The culprits are turned over to the authorities and the Green Goddess and her contents are returned to Major Martling, who expresses the wish to present the statue to the Government of Guatemala. The Commandante congratulates and introduces Ula Vale, who, he explains, is Operator No. 17 -- the clever secret service agent, who, with Tarzan's assistance has brought the smugglers to justice.