Conan the Cimmerian arrives in the barbaric kingdom of Keshan lured by the legendary treasure known as the Teeth of Gwahlur. To gain access to the forbidden, deserted city of Alkmeenon where the hoard is hidden, Conan offers his services as a mercenary while his rival, the Stygian adventurer Thutmekri, schemes to secure the jewels through political manipulation and a staged oracle. The high priest of Keshan insists on consulting the oracle of the ancient princess Yelaya, setting off a chain of events involving imposture, murder, and subterranean horrors. Conan discovers that the long-dead princess's body and the ancient city are guarded not by ghosts, but by the immortal, inhuman servants of an ancient exile who protect the ruins with lethal savagery.
Navigating double-crosses and monstrous attacks, Conan constantly tracks the treasure through winding tunnels and forgotten crypts. Ultimately, the quest for boundless wealth culminates in a brutal struggle against the cave-dwelling abominations. When forced to choose between the fabled jewels and the life of a companion, Conan abandons the treasure to the abyss, walking away empty-handed but alive to fight another day.