Joan Fleming runs away from her cruel guardians, Biff and Ma Flack. Fleming encounters Johnny Peril, on the run from the law, for a murder he did not commit. Peril befriends Fleming, feeds her, and brings her to his hideout. En route, Fleming aids an old woman in crossing the street. The old woman offers Fleming three wishes, then tells Peril his troubles will soon pass. Fleming first wishes for a doll. Not wanting to break Fleming's faith, Peril uses the last of his money to buy her the doll. Upon discovering the doll, Fleming next wishes for a baby carrier, for the doll.
Peril pawns his watch to buy the baby carrier. Upon discovering the baby carrier, Fleming finally wishes for what she truly wants ... loving parents. The police catch up with Peril, and take him into custody. Fleming is placed in a local orphanage. The actual murderer, on his deathbed, confesses to his crime. Peril is released from prison. Peril confronts the Flacks. After beating Biff down, Peril learns that the Flacks were holding Fleming at the behest of her crooked Uncle, who stood to gain Flaming's inheritance. Peril retrieves Fleming from the orphange, and reunites her with her true parents, making her final wish come true.