We study the dynamic self-assembly and propulsion of a ribbon formed from paramagnetic colloids in a dynamic magnetic field. The sedimented ribbon assembles due to time averaged dipolar interactions between the beads. The time dependence of the dipolar interactions together with hydrodynamic interactions cause a twisted ribbon conformation. Domain walls of high twist connect domains of nearly constant orientation and negligible twist and travel through the ribbon. The particular form of the domain walls can be controlled via the frequency and the eccentricity of the modulation. The flux of twist walls-a true ribbon property absent in slender bodies-provides the thrust onto the surrounding liquid that propels this biomimetic flagellum into the opposite direction. The propulsion efficiency increases with frequency and ceases abruptly at a critical frequency where the conformation changes discontinuously to a flat standing ribbon conformation.