Two men wearing gold Egyptian masks drive a truck to Gotham Central Park and unload a golden jackal god statue. They then push it out of the trees and into plain view where the citizens stare at in awe and terror. A woman, Nefertiti, speaks through the statue via a loudspeaker, telling everyone that the great king shall rise from his tomb and claim Gotham City as his new Thebes.
Someone calls in the incident and Commission Gordon and Chief O'Hara suspect that it may be a publicity stunt to promote the new Egyptian exhibit of antiques at the Gotham Museum. Gordon calls Bruce Wayne and catches him just as he's leaving for the museum with Dick and Aunt Harriet. Bruce assures him that the museum isn't conducting a publicity stunt and the commissioner says that he'll call Batman. Alfred takes the call and brings Bruce a book, and Bruce tells Aunt Harriet that he had to go through it for the museum. Once Bruce and Dick retire to the study, Bruce tells Gordon that they're on their way.
At police headquarters, Batman deduces that the criminal involved is King Tut, who they believed had died in a warehouse fire during their last encounter. The mad pharaoh is back and using some hapless woman that he's recruited to speak through the statue and announce his prophesies. O'Hara is eager to blow up the statue but Batman advises against it. He points out that Tut was once a mild-mannered professor of Egyptology at Yale University who was struck in the head during a student riot. The trauma caused the professor to turn evil and made him believe that he is the modern-day reincarnation of King Tut. Rather than destroy the statue, Batman and Robin set out for the park to examine it.
Tut has made his villainous headquarters at a faux Egyptian palace left over from the previous year's exposition. The men from the park, Tut's Grand Vizier and Scrivener, wonder why Tut tipped off the police to his plans. The arch-fiend tells them that the statue is only phase one of his plan. Now that he has lured Batman and Robin to the statue, he plans to destroy them with the trapped statue. In case that fails, Tut tells his men to go to the park and dispose of the Dynamic Duo.
At Gotham Central Park, the Caped Crusaders make their way through the crowd of onlookers and approach the statue. Nefertiti speaks through it, warning everyone to stay away lest they be smote. Ignoring the warning, Batman and Robin climb the statue as Nefertiti watches from a nearby phone booth. Robin finds a handle on the side of the statue and Batman ties a rope around it. They pull off the handle from a safe distance and a blade springs out, a blade which would have killed them if they had been there in person. Nefertiti realizes that the trap and sends a heliograph message to Tut, who is nearby in his mobile royal baroque. Furious that the heroes evaded his trap, Tut orders his men to attack.
Nefertiti runs into the nearby woods, attracting the heroes' attention. They give chase but she evades them with the help of a smoke grenade disguise as an asp bracelet. Tut's men attack but the Dynamic Duo drives them off. When the henchmen flee, Robin wants to chase after them but Batman realizes that it's a trap to lure them away while Tut goes after his real objective: the Gotham Museum.
Bruce goes to the museum and gives a presentation to the press about the new Egyptian exhibit. The centerpiece is a mummy of an unknown Egyptian pharaoh of the 14th Dynasty. Bruce opens the sarcophagus and the press draws back in horror as the mummy within opens its eyes and topples forward, fulfilling Nefertiti's prophecy.
Unaware that the mummy is actually a disguised Tut, Bruce takes it to the museum office. Once they confirm the mummy is alive, Bruce and the board member speculate that it may be an actual 14th Dynasty pharaoh, perfectly preserved down through the centuries. Two ambulance drivers arrive to take the mummy to the hospital and Bruce insists on accompanying them. Out in the hallway, Tut starts to mumble and Bruce bends over to listen. One of the drivers, actually the Grand Vizier, sprays Bruce with knockout gas and Tut removes his wrappings while his two henchmen strap Bruce to the gurney and take him away.
Tut goes to his waiting baroque and has his charioteer drive him to the park. He then has Nefertiti announce that the prophecy has been fulfilled and the reborn king will reclaim Gotham and make it his new Thebes. The villain then speaks through the loudspeaker, informing the public that he has abducted Bruce Wayne and will soon make his ransom demands.
The two henchmen drive Bruce to the palace, unaware that Bruce has woken up and is trying to free himself.
Gordon calls the Batcave and Robin takes the call. The Boy Wonder admits that Batman is out pursuing a lead and doesn't know where he is at the moment. Once he hangs up, Alfred arrives to tell Robin that Aunt Harriet has heard on the news about Bruce's disappearance and is quite upset. Robin figures that Bruce will somehow find a way to let them know about his location.
As the henchmen drive up into the hills, Bruce manages to shift the gurney loose. It smashes through the back door of the ambulance and rolls back down the hill... and directly toward a 300' drop.