It's seven years since MacGyver and Pete Thornton first met, and MacGyver is on a scavenger hunt set up by Pete. He's supposed to get a bar magnifying glass and meet Pete at a wrecking yard. Pete is inside a cab and has no idea why MacGyver thinks he wants a bar magnifier. He's looking on the floorboards and finds a newspaper article. When MacGyver gets in and says he came in response to Pete's note, Pete says that he didn't send a note and he's there because of MacGyver's note. They figure that Jack Dalton is responsible for setting them both up. The newspaper article has an obituary listing for Pete Thornton, Jack Dalton, and MacGyver. Suddenly a forklift picks up the cab they're in and crushes the roof in, trapping them. The driver then loads them into the back of a semi and locks the doors, then drives the semi away.
Pete and MacGyver manage to raise the roof enough to escape the cab. They discover the walls are soundproof and there's a speaker mounted in one corner. MacGyver notes that seven years ago they met tracking down Murdoc, but Pete insists that Murdoc is dead. Murdoc interrupts them over the loudspeaker to inform them he's alive and well, and they have an hour to live. MacGyver notices that the cab is the same make and model as the one that Jack owned seven years ago.
MacGyver remembers back to when he was helping Jack by running a cab when a woman, Sara, gets in the cab and asks him to drive. As they depart, a man in a car follows them: Pete Thornton. MacGyver drives the cab to the address, a warehouse district, and she quickly walks away and enters a warehouse. Pete pulls up and goes in after her, drawing a gun. MacGyver sees Pete and goes after him. Inside the warehouse, Sara is meeting with a man. Pete draws a gun and MacGyver jumps him, and Sara runs outside and takes her pursuer's car. When Pete prepares to shoot, MacGyver jumps him again. Pete orders him at gunpoint to drive him in the cab and to pursue Sara.
In the present, Murdoc taunts Pete and MacGyver as they go over the cab and try to find something to help them escape.
In the past, Pete explains that "Sara" is a world-class assassin named Murdoc. Pete identifies himself as a member of DXS and MacGyver apologizes. Murdoc pulls off and parks, and a van cuts off the cab. Two men with bazookas points their weapons at them, and Murdoc, dressed as a woman and armed with a camera, comes over to take a photo of their deaths. Pete explains that Murdoc is a sadistic terrorist and killer who always photographs his kills. Pete admits he doesn't have a clue, so MacGyver removes his shoelaces. As Murdoc gloats, MacGyver makes a lasso out of his shoelaces and ropes the gas pedal, then uses a wrench and paper clip to guide the shoelace. MacGyver tries to appeal to Murdoc's sense of justice, pointing out that he helped Murdoc. Murdoc admits it's a shame, then explains that in five minutes his men will open fire and the camera will trigger automatically.
Once Murdoc is gone, Pete prepares to go for his gun but MacGyver asks him to wait. He explains that once he opens the door, the cab will take off and they jump out. They leap clear and the cab accelerates toward Murdoc's men. They blast it but it's close enough to knock them out long enough for Pete to capture them. MacGyver notes that Pete owes Jack one cab. They go to see Jack at the hospital where he's recovering from two broken legs and planning to sell his cab to buy a plane. MacGyver lets Pete explain that he damaged his cab. Jack asks for a minute alone with MacGyver and wants to know how badly the cab is destroyed. MacGyver explains that the cab is totally destroyed. Jack is not happy and manages to fall out of the bed, where he breaks his arm.
Later, Pete makes arrangements to pay for the cab. They go to Jack's apartment to where he lives in the basement to get the papers. However, when MacGyver sits on the bed, Pete hears a click and warns his new friend not to move. He checks the bomb and realizes it's set to blow straight up. Pete grabs MacGyver's hand and pulls him clear, avoiding the charge. He asks MacGyver to help him take on Murdoc, but MacGyver initially refuses. Pete notes that Murdoc is going to try and kill him no matter what, and MacGyver agrees to work together.
In the present, Pete finds a spare set of panty hose from Murdoc's disguise. Pete starts to lose it but MacGyver calms him down, and reminds him of how they broke the news to Jack seven years ago.
In the past, Jack tries to hold up Pete for more money. MacGyver is too honest to help out, but ends up telling Jack that his bed blew up. A nurse arrives but MacGyver recognizes "her" form the cab: it's Murdoc. Murdoc manages to escape and MacGyver and Pete follow. Murdoc flees into a building scheduled for demolition, unaware of the pending explosion. MacGyver and Pete arrive but can only watch as the building comes down.
In the present, Murdoc reminds them of what happened and that he plans to assure the same fate for them. Pete blames himself for not thoroughly checking the building seven years ago. Murdoc drives the semi off the road and into a field. He unhitches the trailer and then attaches dynamite to its underside. Murdoc then sets up a radio transmitter as a detonation device and informs the partners of what he's done. He gives them seven minutes to make peace before the dynamite goes off.
As Murdoc drives to a safe distance and set sup his camera, MacGyver removes the battery from the cab and then removes an oilcan. He takes rust from the exhaust pipe, mixes it with aluminum from the oilcan and acid from the battery. The ferrous powder and aluminum make a thermite, and the panty hose soaked in oil provides a fuse. They set off the battery and blow off the rear door, then escape just before the dynamite goes off. Murdoc grabs several sticks of dynamite and drives after them. MacGyver throws rocks, shattering the windshield and startling Murdoc, causing him to drop the dynamite. The truck blows up and Pete is sure he's dead. MacGyver notes there was enough time to escape and isn't so sure.
Later, Pete and MacGyver return to the wrecking yard. Jack arrives and explains that he got a note, but wasn't going to get out of bed to get the lilies that they (supposedly) asked for. They start to explain but Jack has them stop long enough to take an anniversary picture of the three of them together.