Jed, Lassie, and Mr. Denning watch Billy Cameron, Mr. Denning's horse trainer, race a horse on a track at Mr. Denning's ranch. Mr. Denning has a mare named Lady about to foal and the men head to the barn to see her.
Far from the horse barn, a jaguar watches Mr. Denning's cattle. The jaguar stalks and kills a stray calf.
That evening at the ranch house, Mr. Denning tells Jed he wants to expand his operation but needs more grazing land. He needs Jed's approval to use a piece of burned land for grazing. Jed tells him he will test the land to determine whether it's ready to be used as grazing land.
The jaguar is seen prowling outside the horse barn. Lassie and Jason, Billy's bloodhound, alert Billy to the danger at hand. Billy shoots at the jaguar. Mr. Denning and Jed come running. They discover the mare lying in her stall. The veterinarian is called.
The mare gives birth to a male colt, then dies of peritonitis. Billy ascribes her death to the shock of being harassed by the jaguar and is determined to kill the big cat. The colt is named Shooting Star.
The next day, Billy is seen feeding the colt. Jed and Mr. Denning leave on horseback to take a range survey. Billy sends Lassie off with them. Far from the house, Jed takes soil samples and decides the burned land will need another year to heal. Further along the trail, Lassie spots the jaguar. Jed and Mr. Denning frighten the jaguar away.
Later at the ranch, Lassie plays in the corral with the colt. Jed and Mr. Denning ride away again. Lassie and Jason, Billy's bloodhound run after them.
Lassie and Jason explore the wilds. The jaguar keeps watch upon them. Then, the jaguar jumps upon Jason and claws him mercilessly. Lassie is unable to drive the jaguar away.
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