In Starling City, Adam Hunt is in his office trying to raise business after being discredited after his arrest. As he talks on the phone, he hears someone in the next room, hangs up, and turns. Hunt demands to know what the intruder wants, but the man shoots Hunt in the chest and walks out.
Oliver and Diggle are training at the hideout and Diggle notes that three of the men on Robert's list have given up in the next week. Once they finish, Diggle says he's taking his nephew Christmas shopping and Oliver realizes that it's Christmas. He explains that he didn't keep track of Christmas on the island, and remembers how Robert would put a Christmas tree in every room of the mansion. Diggle suggests that Oliver take a break and enjoy the holiday with his family.
Yao Fei returns to the cave and opens it up. Oliver complains that he ran out of food days ago, but Yao Fei leaves him a bottle of water and a rabbit. He then hauls Fyers and Oliver hits him. When Oliver points out that Fyers would have killed him and Yao Fei say that Oliver can either kill him or leave the island on the prisoner's plane.
Oliver returns home and finds Thea dressed up for their parents' dinner party. He asks why there are no decorations up and Thea says that everyone has been busy. Oliver joins the party where the Queens and Malcolm Merlyn are having supper with Police Commissioner Brian Nudocerdo. They discuss the vigilante and Oliver suggests that the Hood needs a better name. Malcolm suggests "Green Arrow" but Oliver dismisses it as lame. Walter gets a call from Felicity and takes it outside. She tells him that seven of the names on the list that Walter found have been targeted by the vigilante. Another one is Doug Miller, the head of applied science at Queen Consolidated.
An aide comes in to tell Nudocerdo that something has come up. He tells the party that the vigilante has struck again and killed Adam Hunt. A few moments later, Oliver fakes a call and steps out.
Nudocerdo meets with Quentin at Hunt's apartment. Hunt was shot with three black arrows and as Oliver listens outside, Quentin tells the commissioner that they're dealing with a copycat.
The next day, Oliver meets Diggle at the hideout and they try to work out who would have killed Hunt. Oliver figures the archer as an expert archer and suggests that they get one of the arrows so they can trace it. Soon, Quentin is at the office and receives a cell phone in the mail. He receives a blocked call from Oliver, using a voice distorter. As the vigilante, Oliver tells Quentin that he didn't kill Hunt and that he needs Quentin's help to trace the arrow. He tells the detective that he can go places that the police can't and tells Quentin to call him when he decides.
Walter calls in Miller and suggests that the Hood might go after someone in the company. He claims that security red-flagged Miller but the scientist has no idea why the vigilante would go after him.
Oliver goes to the diner with Thea for lunch and asks why they stopped celebrating Christmas. Thea's friend Shane comes in and invites her to hang out with him and his friends, but Thea says she's with his brother. Once he leaves, Thea explains that after Oliver and Robert disappeared, no one felt like celebrating Christmas. They've skipped Christmas every year since then and Thea insists that it's fine, but Oliver says that it isn't.
Back at the manor, Oliver tells Moira, Thea, and Walter that they're celebrating Christmas now that he's back. He proposes to throw a Christmas party to make up for last time. Moira agrees and Oliver assures them that all they have to do is show up and bring some Christmas cheer. Thea reluctantly agrees and Walter tells Oliver that he's a good man.
As Yao Fei leads Fyers through the wood, Fyers tells Oliver that he's a good man and asks what he knows about his savior. Oliver tells him to shut up but Fyers says that the island is a prison. The Chinese military used it as a penitentiary for criminals too dangerous to imprison on the mainland. Fyers' unit came in and disposed of all the inmates except two when the military shut the island down, and Yao Fei was one of them. The other was the interrogator, Deathstroke. When Oliver points out that Deathstroke tortured him, Fyers insists that he did what he had to so he could get the man that killed dozens of his men.
Malcolm meets secretly with Moira and informs her that Miller told him that Walter knows about the list. Moira says that she'll take care of it but Malcolm insists that her family is coming after him and he is going to have to take steps.
Nelson Ravich is making his way down the streets when the archer takes him out. Nudocerdo and Quentin are soon called to the crime scene and Quentin confirms that the Hood hit Ravich for embezzling a week ago. Nudocerdo tells him to accuse the Hood and when Quentin refuses because he's not the guilty party, and the commissioner takes him off the case. Back at the station, Quentin considers the matter and then calls Oliver and tells him to find the archer's arrow in a heating vent. He informs Oliver that he has until Christmas to find the copycat archer or he's coming after him.
Once Oliver has the arrow, he takes it back to the hideout and shows it to Diggle. The arrow is custom job and Diggle points out that Ravich was on Robert's list. They figure that Oliver has to find the archer either way. Oliver then comes to see Felicity in IT, who is going over the list. She hastily puts it away before Oliver can see it, and he claims he wants to buy some arrows for a friend. Oliver asks Felicity to find out where it came from and she soon confirms the alloy is patented to a company named Sagittarius. The arrow was part of a bundle shipment of 200 units. Felicity gives Oliver the address and he wishes her a Happy Hanukah.
Quentin is at home listening to Nudocerdo giving a press statement blaming the Hood. Laurel comes in and realizes that the Hood didn't kill the two men. Quentin points out that she was the one who said the Hood was a monster, but she says that he was protecting her. Tommy arrives and Quentin realizes that he's there for his daughter. Laurel reminds Tommy that she wanted to spend Christmas with her father, but Tommy insists that Christmas is for everyone and that something is holding her back. He invites her to the Queen party and gives Laurel a present and leaves. Once Tommy leaves, Quentin warns her daughter away from him, insisting he's selfish, but Laurel shows him the present: a photo of the Lance family, including Sara.
As the Hood, Oliver goes to the address on the wharfs and carefully goes inside. A single arrow is jammed into a table and the door slams shut behind him. A bomb activates and the Hood shoots out the door and gets clear just in time.
Oliver gets back to the manor for the party and tells Diggle what happened. Shane comes in with flowers for Moira. Oliver has the family pose for a Christmas photo and Thea leads Shane away. Walter notices that Moira looks distracted and she says that they'll talk later, and tells Oliver that everything will work out. As Oliver watches Thea lead Shane away, Tommy and Laurel arrive. Oliver greets them and Tommy wonders when the three of them together won't be weird, and Oliver insists that it isn't weird.
Walter goes after Moira, who accuses him of lying to her about his investigation into Robert's death. He reminds his wife that Robert was his oldest friend and wasn't going to let it go, and says that Moira told him too many lies for him to let it go. Walter asks what it was for and Moira says that it was leverage against the people that Walter has made angry. When Walter offers to help fight them, Moira explains that she's one of them. She had hoped that Walter's love for her could save her, and Walter tells her that the time for lies is over. He demands to know what's going on and Moira says that she will once they get through the party.
Laurel talks to Oliver privately and figures that he's uncomfortable seeing her with Tommy. She admits that something has been holding her back from committing to Tommy and says that it's Oliver. Laurel admits that she's surprised that Tommy was the one who emotionally connected with her after Oliver was presumed dead. Oliver kisses her on the cheek and assures her that he's happy for them.
Oliver goes up to find Thea and discovers her in bed with Shane. As they to dress, Oliver orders Shane out and reminds Thea that he's throwing the party her. She angrily says that the party is just bringing back memories she wanted to forget, and Oliver wonders why she wants to forget. Thea tell him that things will never be the way they used to be and walks away, while Diggle comes in and tells Oliver that the archer has taken hostages. They tune in the news and watch as one of the hostages reads a statement from the archer saying that he'll kill one hostage an hour until the Hood turns him in. Diggle says that Oliver should let the police handle it, but Oliver says that he handled worse on the island and that it's his responsibility.
Yao Fei has Fyers radio his people to bring the plane. Fyers tells him that his people are already there and that the entire thing is a trap. Deathstroke steps out with his men and a fight breaks out. Yao Fei tells Oliver to run and then takes on Deathstroke, while Oliver runs off through the woods. He turns back and watches as the mercenaries capture Yao Fei and haul him away.
The police are unable to enter the building in the Glades because of rigged explosives. Quentin arrives outside and meets with Nudocerdo. They see the Hood slide in on a line and break in. He frees the hostages and leads them to the roof, and then goes back. The archer emerges from the shadow and says that he knew he'd have to do something dramatic to get his attention. The archer says he wants to see who's better and opens fire. After a brief exchange, they duck into the shadows and the archer spots Oliver in the roof. He maintains a steady stream of arrows until Oliver gets in a position to shoot back. They continue to play cat-and-mouse and the archer finally puts two arrows into Oliver's back. The archer beats Oliver and says that the man who authored the list wants him dead. As he prepares to remove Oliver's hood, Oliver stabs him in the leg. The archer runs away and Oliver staggers outside and calls Diggle before passing out.
When Oliver wakes up, he finds himself at the hospital. Diggle is there and explains that he cleaned up the site and got Oliver out of there. Moira, Thea, and Walter come in and Diggle explains that he told them that Oliver was in a motorcycle accident. They admit that they weren't at their best but that they're together now for Oliver's sake. As Moira and Walter leave, Thea admits that she's been tough on Oliver for being different, but warns her brother that she's not the same person either. Oliver suggests that they accept each other for who they are now and Thea offers him some candy canes.
The archer returns to his own lair and removes his hood, revealing Tommy's father Malcolm.
Walter goes back to his office and takes a call from Felicity. As he gets into the elevator, a man inside drugs him.
Moira meets with Malcolm, who assures her that Walter won't be harmed and will never discover her involvement. He insists that steps had to be taken but Moira reminds him that he said the same thing about Robert. Malcolm reminds her that the organization's vision of what the city should be will complete. She figures Malcolm will feel nothing when thousands are dead, but he assures her that he'll feel a sense of accomplishment and she'll have Walter back.
Oliver limps to the window and admits to Diggle that he failed the city. Diggle reminds him that five hostages are safe because of him and assures Oliver that he'll catch the archer. However, Oliver points out that somebody other than Robert compiled the list and that person is more of a danger than the archer. He vows to take that person down.