Kiko and Duda, circus workers, get into a big mess when Kiko is mistaken for the trampist Sinbad. The bumbling boy is then abducted by the minions of the magician Ali Tuffi, who already has in his power the genius of the magic bottle, but they need the trapeze artist, descendant of the true sailor, to locate the philosopher's stone with which he will become a man very rich, with lots of fortune and power. In an attempt to help his friends, the real trampist Simbad and his girlfriend Luciana also end up being held prisoner on the bandits' ship. After a confusion, everyone will stop on an island full of dangers, where the stone is hidden.
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