A group of six thieves selected from different areas are sent a letter that promises them a minimum of $50,000 and includes a plane ticket. The letter instructs them to grow a beard. After being given a blindfolded ride from the airport, they arrive at a ghost town and meet with the boss (Number #1, Jan Murray). All of the "Wolves" are assigned a number, wear identical overalls and instructed never to take off the gloves that they are given. They are only to address eachother by their numbers; in that way, if one is caught, he can't rat-out the others. Number #1 reveals to them that they will take over a town, and clean it out. Using the ghost town for training, they develop their tactics to fleece the town.
In parallel, in the town of Wellerton, the Sheriff (Richard Egan) is running into flack from the town council, after he busts a council member's son for reckless driving. The council member persuades the other council members to fire the Sheriff, leaving an inexperienced deputy in charge.
The thieves start their attack, by shutting down power and communications in the town. They start robbing the grocery store and the bank, but they are stopped from continuing the heist when the sheriff is told about the robbery by his wife (Martha Hyer). He kills two of the wolves and injures and captures a third (Rick Jason). The remaining wolves escape by plane and parachute at different locations.
The town council visits the sheriff to ask him to stay, but he declines.
The injured thief is brought into hospital, and is resting in a hospital room when he asks for the TV to be switched on. On TV, is a children's program with a clown/juggler Uncle Willy. He tells the children the story of Ali Baba and the 40 thieves. The injured thief can't believe his eyes and laughs uncontrollably when he recognizes the voice as that of number #1. The ex-sheriff looks at the TV program.