Nate goes to confronts Victor Dubenich at the Renton Federal Penitentiary. Dubenich is expecting Nate and asks him if it’s special seeing his very first victim. Nate warns him that he won’t get away with killing his father and Dubenich says that there are three things that can be taken from a man that will make him kill: his business, his possessions, and his name. Dubenich smugly points out that he knows everything about Nate’s team, the team that he researched and assembled, and that he’s passed it all on to Latimer, his partner and the man that engineered Jimmy Ford’s death. Nate reminds Dubenich that he said the next time that they met, he wouldn’t be so nice, and then walks away.
Outside, Sophie picks Nate up and he tells her that they have to crack Latimer, who is protecting Dubenich. Sophie wonders what else they can do to Dubenich since he’s in prison but Nate just stares and she realizes what he means.
The team begins their reconnaissance of Latimer Diversified. Parker goes in disguise, Alec hacks the security systems, and Eliot poses as a janitor. However, Latimer has facial recognition software keyed to all of them and a firewall in place designed specifically for Alec’s software. The building goes into lockdown and Parker and Eliot barely manage to leave the building while Alec picks them up in the van to make their escape.
The trio returns to their headquarters and discovers that Nate has dozed off after tearing up the place trying to put together a plan. He wakes up and explains that the key to Latimer is VerdAgra, which Latimer took control of by putting in a new CEO after they swindled the previous ones. Latimer used VerdAgra to buy up land, and the water rights below it. Latimer now plans to use the water filter patent that he stole at Bellington Dam in New York to expand his control, and that’s where they need to hit him. When the team reminds Nate that Dubenich knows everything about them and all of their friends and contacts, Nate says that they have to get people that they don’t trust.
Eliot goes to Kiev to recruit Mr. Quinn, Sterling’s former henchman and hitter. Quinn is being held by mobsters and not happy with his current situation. Eliot offers him a seven-day job and a six-figure salary, as well as a personal favor. Quinn agrees and the two hitters casually take out the mobsters.
Parker goes to get her former mentor, Archie Leach, who is running a con on a mother who thinks Archie is her father. Parker bumps into them and steals their wallets, but Archie easily catches her and tells Parker to give it back. He then walks off, telling the woman that Parker is his other daughter.
Alec finds Colin “Chaos” Mason at a coffee bar. Before he can say anything, Chaos reveals that he knew Alec was coming and has already packed. He says they’ll negotiate his pay later, but it’ll include Parker and Sophie in sci-fi costumes.
Latimer gets Dubenich out early and warns him that Nate’s team already came to his office. Dubenich assures his partner that he’ll take care of them and Latimer assigns his head of security to work with him. Dubenich then takes a squad of men to Leverage headquarters only to discover that Nate has already cleaned the place out and gone underground.
Chaos and Alec are the last to arrive at the team’s new headquarters: a literal “underground” base in the old subway lines, where Archie used to hide out. The hackers check on Latimer and determine that he’s negotiating with Chinese investors for control of the waterway network. To hold onto his water rights, Latimer has to prove to the U.S. government that he can maintain his facilities in proper working order. As the team head out to take advantage of Latimer’s weak spot, Nate tells the newcomers that they’re to follow his team’s lead, and that he wants Dubenich to himself.
Later, Sophie finds Nate loading his father’s gun. She warns him that she never gets involved with killers, and Nate asks her if she wants the gun. Sophie tells him that he’d just get another one and walks away.
Alec and Eliot go to the Bellington Dam and are quickly spotted on the CCTVs... just as they planned. The security teams come after them and the two men split up. Eliot distracts the teams while Alec gets to a locked water valve. It’s impossible to hack the security on-site... so Quinn and Chaos are at Latimer’s next dam upriver. Quinn runs interference while Chaos hacks the maintenance systems and opens the valve for Alec at Bellington. Meanwhile, Dubenich gives the dam engineer the software to thwart Alec, but is shocked when Chaos easily gets in.
Once the valve is open, Alec dumps a bucket of shells into the valve and gets out. Their job done, Quinn and Chaos head for the exit but are forced to dive into the river. The engineer gets to the valve and realizes what Alec has done, and tells Latimer and Dubenich that there is now a rare European mussel in the dam’s network. It lays millions of eggs, clogging the cooling pipes, and they can’t flush them out without contaminating the rest of the waterway and violating EPA standards. All they can do is shut down the dam for a year-long decontamination procedure, and Latimer accuses Dubenich of screwing up.
Back at the team’s base, a hesitant Alec questions whether Archie can get by without all of his high-tech equipment. The old school master thief assures him that all he needs is cake mix to break into Latimer’s vault. Chaos makes a snide comment about Archie’s age and the thief tasers him unconscious with his cane.
At Latimer Diversified, Latimer is hosting a reception for his Chinese investors. He and Dubenich are unaware that Archie has come in as a caterer with a large cake. Once he’s alone in the elevator, Archie releases Parker from the cake, puts on his formal clothing, and goes to the party, strolling around and chatting with the security chief briefly. Meanwhile, Chaos easily penetrates Dubenich’s firewall, much to Alec’s disgust.
Dubenich talks to Latimer, who isn’t thrilled that the party is intended as bait to draw in Nate. He warns Dubenich that if something goes wrong, they’ll lose the investors. Dubenich realizes what Nate will go after and takes a security team to Latimer’s vault where he keeps his valuables. As soon as he’s gone, Nate casually strolls up to Latimer and says that they should talk.
As Dubenich and his men open the vault, Parker watches them from the elevator. Dubenich looks around the vault but discovers that there’s nothing flashy enough to draw Nate’s attention. The security chief confirms that the flashiest item is the emperor’s sword that Latimer is displaying at the party. Once Dubenich goes back upstairs, Parker accesses the button cam that Archie attached to the security chief’s badge and confirms the keypad combination.
Meanwhile, Nate tells Latimer that if he stops protecting Dubenich, then Nate will stop ruining Latimer. Latimer points out that Nate is a penny-ante thief just like his father, and Nate just smiles and tells him to remember that. Dubenich returns just as the lights go out for a few seconds. He runs to the case and confirms that the sword is still there, upsetting the guest. Dubenich takes it to the vault, puts it in and closes the door... unaware that the sword is rigged to explode. It goes off as soon as the vault door closes, apparently destroying everything.
Meanwhile, Archie escapes with the cake and meets Chaos and Alec. They’re surprised and impressed when he reveals that the real emperor’s sword is in the cake, and that he switched it after he used his cane-taser to take out the lights.
When Dubenich realizes that Nate’s team has destroyed all of Latimer’s possessions, he admits that Nate is following the plan he gave him earlier. The team has taken Latimer’s business and his possessions... and now they’re going to take his name.
At headquarters, Nate is target-shooting with his father’s pistol. Eliot notices and warns him that once someone kills, there’s no going back, and admits that he’s talking from personal experience. Nate ignores him and keeps firing.
Latimer wonders what Nate can do to him since his business is in shambles. Congress has summoned him to a hearing to discuss taking away his water rights since he can’t maintain his dams. Latimer gives Dubenich full access to his security systems and heads to the airport to leave for Washington. As he waits at the bar, Sophie approaches him and offers him a drink. Dubenich arrives and takes the drink away, then has his men escort Sophie outside. Quinn and Eliot are waiting and easily dispose of them. Eliot considers shooting Dubenich and saving Nate the trouble, but finally puts the gun down and walks away.
Meanwhile, Latimer is surprised when another woman approaches him. He’s unaware that it’s Maggie, Nate’s ex-wife and Sophie’s backup. She buys him a drink and they chat. Afterward, Sophie and Maggie visit Nate, who is unaware of whom Sophie recruited. Sophie defends her choice and makes a quick exit, and Maggie offers her condolences on Jimmy’s death. Nate insists that there was nothing between him and Sophie while they were married, and Maggie half-jokingly assures him there was nothing between her and Sterling.
Latimer wakes up in a hotel room when Dubenich calls to warn him that Congress is holding him in contempt because he missed the hearings. When Latimer checks his cell phone, he discovers that he’s in the Cayman Island. His suitcase is filled with bearer bonds and all of the possessions that were supposedly destroyed in the vault explosion, but which Parker actually stole earlier. There are also several passports and Dubenich warns Latimer that Nate has set it up so that it looks like Latimer is fleeing the country. No one will believe Latimer if he tells them truth. Worse, Dubenich learns that the SEC is investigating all of Latimer’s inside trading based on the Leverage team’s cons. Nate himself has turned the information over to the authorities.
Dubenich tells Latimer that he’ll take care of it and then hangs up and starts transferring funds from Latimer’s bank account. He’s unaware that Alec has hacked his system and transferred the funds out of Dubenich’s bank account as soon as they got there, leaving Dubenich with nothing. They use the money to pay off Chaos, Quinn, and Archie, and Archie tells Parker that he approves of her new boyfriend.
Dubenich tries to find something to salvage from the debacle and remembers the water filter patent. He tells the security chief that there’s been a change of plans and to prepare a plane for Latimer’s research facility at the dam.
Nate starts to leave to confront Dubenich. Sophie and the others tell him that they’re going but Nate tells them to stay, insisting that it’s his choice and his responsibility.
At the water plant, Dubenich and his security team discover that the water filter research is gone. Nate calls out to them from the catwalk, saying that there was never any research there. The security team starts shooting and goes after Nate. Fortunately, the rest of the team have ignored Nate’s orders and take them out. Eliot confronts the security chief, the man who personally arranged Jimmy’s death. When the man points out that he has a gun and Eliot doesn’t, Eliot says it’s even, and then disarms the man and takes him out before he can shoot.
Dubenich chases Nate across the catwalks and hits him once in the shoulder. Nate keeps going only to come to a dead-end above a waterfall. He advances on him but Nate, unimpressed, asks how it’s all working out for him. Dubenich admits that it’s not going so well and Nate points out that when he loses his temper, Dubenich tends to forget the little details. When Dubenich pulls the trigger, he discovers that he’s fired all of his bullets. Nate pulls out his father’s fully-loaded gun and says that he has plenty. Dubenich points out that he didn’t kill the man who was responsible for his son’s death. Nate concedes the point but says that while his son wouldn’t have wanted a father who was killer, Jimmy would have been fine with it.
As Nate prepares to shoot, Dubenich begs for his life and blames Latimer for everything. Nate has had Latimer stashed nearby where he could hear the entire thing. When he brings Latimer out, Latimer claims that it was all Dubenich’s fault. Nate points out that no matter which one he kills, the other goes free to hurt more people. As he prepares to shoot them both, Nate’s team steps out onto the catwalk above. Realizing that they are there, Nate hesitates and then tells the two men that they can all walk away and accept the consequences of what they’ve done. He puts the gun down on the edge of the waterfall and walks away. Latimer and Dubenich both run over to get the gun. They struggle over it, fall over the edge, and there’s a single gunshot.
Nate rejoins the others and Sophie binds his shoulder wound. When she tells him she’s glad Nate didn’t kill Dubenich, Nate tells her that he doesn’t want to live like his father, the way that ultimately got Jimmy killed. He does tell Sophie that he has some big plans and some changes. As they kiss, Eliot and Alec argue about whether to keep the cave. Nate says that they won’t be keeping it and then tells Sophie that it’s time to break the law a few more times.