The Lost Squadron follows a group of World War I fighter pilots who, after the war ends, struggle to find work in Hollywood. They eventually get the chance to work on a film set, but tragedy strikes when one of the pilots dies in an airplane crash. The group seeks revenge and embarks on a personal vendetta against the film's producer, who they believe is responsible for the crash.
Colonel Ed Wyatt is regarded by pilots under his command as being a ruthless disciplinarian. His co-pilot, Lt. Hobson Lee, and Jo McWethy, a war correspondent assigned to the squadron become more friendly than meets Wyatt's approval. When Wyatt's plane is forced down behind enemy lines, he orders his crew to proceed to the American lines with the vital film they have shot, while he remains behind to hold off the enemy.
South Korean Air Force pilots engage in perilous missions against Communist North Koreans during the Korean War.
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