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Saved by an air pocket inside the mountain, Zorro (Reed Hadley) and Ramon (William Corson) swim to safety. Outside, they quickly capture the fleeing Manuel (John Merton), who is finally ready to name Don del Oro's true identity. "I owe him nothing now," says Manuel, "Don del Oro is. . ." Just then one of Don del Oro's Yaqui fighters kills the commandant with the ubiquitous golden arrow. Returning to the council, Don Diego (also Hadley) and the other members learn that Governor Felipe (Leander de Cordova) had long suspected Manuel of being Don del Oro. "What made you suspect him," Diego asks the disingenuous governor who then proceeds to prove his point. When Felipe has finished, Diego more or less accuses mine-owner Gonzales (Edmund Cobb) of being as much a suspect as Manuel. Gonzales, in turn, charges Diego with being Zorro, a theory supported by Don Pablo (C. Montagu Shaw), who reminds the council that Diego and Zorro have never been seen together. But Diego manages to deflect the accusations and instead agrees to reveal Manuel's last words. "Just before he died," Diego begins, when another golden arrow whizzes through the open window.