About two ex-Marine pilots, Bill and Toodles (Douglas Fairbanks Jr. and Frank McHugh), who move into a small apartment together in New York City but can't seem to find work. Bill soon meets up with a blonde in the park by the name of "Alabama" (Bette Davis), and, believe it or not, she agrees to move in with him after one lunch out together where they bond as they steal a bottle of ketchup and sundries from the café, and then steal a fish from a cat. Bill and Toodles end up sleeping head to foot in the same bed, while Alabama settles in on the couch. Bill soon starts earning dough for the trio, first by making a $75 parachute jump (right above the railroad tracks!), then becoming chauffeur for a wealthy blonde who picks her chauffeur by his physique rather than driving ability, and then he ends up as bodyguard/lackey for a mobster who "imports" booze and dope from Canada.

This film is pretty so-so, it sorts of switches gear from one thing to the next and just doesn't really seem to know what direction it wants to go in - just when you think the story is going one way, that ends, and on to something else. Even the title "Parachute Jumper" seems a bit odd, considering the parachute jumping is not the main focus of this film. Bette Davis is very cute in this, with platinum blonde hair and sassy Southern accent, she's very fun to watch and saves the film from being a complete bomb. Doug Fairbanks Jr. is just sort of bland throughout.