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The story opens with three robbers trapped inside a bank vault. The Ant-Man is inside the vault’s door lock, using his normal-sized strength to manipulate the tumblers in order to try to open the door before the air inside the vault runs out. He succeeds, and the robbers are freed, to be taken away by the waiting police.

Behind the Iron Curtain, the communists hear about the Ant-Man’s success. They send for their best espionage agent, Comrade X, and give him the task of capturing the Ant-Man and discovering how he changes his size, intending to use this information to give their own troops the ability to change size and so make themselves masters of the world.

Several days later, a woman enters a police station in the United States and asks to be put in touch with the Ant-Man, saying that it’s a “matter of life and death”. The police tell her that they have no way of contacting the hero, and so can’t help her. However, the woman’s request is overheard by ants and a message is quickly relayed via a network of ants until it reaches Henry Pym, who is at work in his laboratory. Pym immediately don’s his Ant-Man costume and shrinks down to ant-size. He uses his special catapult to fire himself across the city to the police station, signalling ahead in order to gather a pile of ants to break his fall.

The Ant-Man arrives just as the woman is leaving the police station and manages to conceal himself inside her purse. On reaching the woman’s apartment, the Ant-Man reveals himself, and the woman tells him that one of her former lovers, a man whom she later discovered to the master spy, Comrade X, is in the United States on a mission to capture the Ant-Man and learn his secrets. She reveals that Comrade X is hiding on a freighter moored at pier 89.

The Ant-Man leads an army of ants to pier 89 to confront the spy. However, the communists are ready for him and he walks straight into a trap and finds himself imprisoned inside a glass box. The air-holes in the box are too small for the Ant-Man to fit through. But he is able to use the cybernetic transmitter in his helmet to beam messages through the pin-sized holes ordering ants from the nearby pier to board the ship. The ants float across on pieces of wood, board the ship and, on the Ant-Man’s orders, attack a guard, causing him to drop his rifle onto the glass-box, breaking it open.

Free once more, the Ant-Man takes out the ship’s radio operator by ordering his ants to chew through the cord attaching a lamp to the ceiling and causing the lamp to fall onto the radio operator’s head, so knocking him unconscious. Ant-Man then grows to his full size and uses the radio to contact the authorities. While Ant-Man uses the radio, his ants turn the key in the door to the seamen’s berths, locking them in.

Ant-Man then shrinks again and goes after Comrade X. However, the spy is expecting him and threatens him with a spray-gun filled with DDT. While Comrade X’s attention is on Ant-Man, the ants swarm up onto the ceiling, completely covering the fluorescent light and plunging the room into darkness. Under cover of darkness, Ant-Man removes the laces from Comrade X’s boots and wraps them around the man’s ankles. The spy trips and falls. The ants swarm down from the ceiling and pull what turns out to be a mask from Comrade X’s head revealing the he is really a woman – Madame X – the woman who had gone into the police station to requests the Ant-Man’s help at the beginning of the story.

Ant-Man reveals that he’d known about the deception all along, since he’d found the face mask whilst hiding in the woman’s purse. At that point the coastguard arrive to take Madame X and the ship’s crew into custody.