Tired of trying to con the public into thinking Billy the kid was anything but a cold-blooded murderer, Producers Releasing Corperation brought stars Buster Crabbe and Al "Fuzzy" St. John back together for a new series featuring a new squeaky-clean hero, changing his name from Billy Bonney to Billy Carson and his clothes from black to white, with the exception of his hat. Though not a wanted (or framed) outlaw anymore the new Billy was pretty much the same as before.
The Devil Riders is typical but entertaining, with the usual amount of shootouts, horse chases and fistfights. There's also a good musical interlude with authentic 1940's western swing music.
The plot involves a new stage line passing through outlaw territory. Billy, the proprietor of the local Pony Express and the stage owner are friendly rivals for a mail contract. The outlaws try to kill the coach line by attempting to start a feud between the two competitors but ending up with Billy and pals fighting back against them.