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Directed by Raoul Walsh, When Thief Meets Thief chronicles the story of two ex-partners in crime who have fallen in love with the same woman. When cat-burglar Ricky Morgan (Douglas Fairbanks, Jr.) gets emotionally involved with one of his victims, Glory Fane (Valerie Hobson), he doesn't realize that she's engaged to his adversary, Jim Dial (Alan Hale). Claiming to have reformed, Dial (Hale) masquerades as a successful businessman. When Jim winds up dead, however, Glory (Hobson) is blamed for his murder. Though innocent himself, Ricky (Fairbanks) tries to take the rap for her. Once the police figure out that Jim committed suicide after his stocks crashed, Glory and Ricky are both set free and allowed to continue their newfound romance.