Fishing and jobs are becoming scarce in the small seaport village of Graves point, when mysterious deaths and unexplained disappearances begin to occur. Divers vanish and a young couple disappear at sea, their empty raft washing up on shore. When a large, strange claw is discovered on the raft, the unsettled towns-people call on the marine biologist Dr. herbert Talley (Ronald Guttman), who identifies it as belonging to a rare giant squid. With the help of Whip Dalton, the hunt is on! It becomes a battle of wills between Dalton and Talley as they try to locate the Beast, without the Beast getting them.
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