On a small island resort in the middle of the Bahamas, three college graduates dive for lost Spanish treasure. In their efforts to find the gold, the three men open an underwater cave that has been sealed shut for more than two decades. In the cave lurks a creature of unspeakable evil. One by one, the resort guests start to disappear. Headless corpses wash up on the beaches. Kurt, Matt and Pete must find a way to stop the bloody rampage before they all die. But only one man knows the secret of the SCARECROW.