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A new clue to the whereabouts of a lost treasure rekindles a married couple’s sense of adventure — and their estranged romance.

Having to leave Melbourne in a hurry to avoid various marriage proposals, two song-and-dance men sign on for work as divers. This takes them to an idyllic island on the way to Bali where they vie with each other for the favours of Princess Lala. The hazardous dive produces a chest of priceless jewels which arouses the less romantic interest of some shady locals.

Jared Cole and his girlfriend Sam Nicholson are a young couple living in the Caribbean. Jared is an unemployed diver whose dream is to find treasure in the Caribbean Sea and Sam works at a local resort as a shark handler. When Jared’s best friend Bryce Dunn, a selfish New York lawyer and his new girlfriend Amanda Collins arrive, the two couples spend a couple of days experiencing paradise. But, they discover an airplane on the sea floor that crashed during a hurricane and they find the cargo on-board the airplane is cocaine. Jared and Sam’s lives are in danger, when Bryce and Amanda make a deal with a dangerous drug lord who wants the cocaine. Jared’s rival, Treasure Hunter Derek Bates learns what they are doing and tries to negotiate the cocaine to raise money for a expedition where he intends to find a sunken boat with treasure. Jared, Sam, Bryce, and Amanda find themselves racing against time to find the shipwreck before somebody else does.