MacGyver's friend Penny Parker invites him to see a rehearsal of the new musical that she's starring in, Cleo Rocks
. As MacGyver arrives at the old theater, a mysterious figure watches him on the security camera. MacGyver goes into the audience and watches as Penny and her fellow dancers perform. The director, Jacque LaRue, comes out in a wheelchair and berates the male dancer, Gary Newton. The producer, Benjamin Wintergreen, demands a meeting with LaRue to discuss the expenses and the director reluctantly agrees. MacGyver compliments Penny and admits he's impressed. Penny explains that LaRue contacted her agent and hired her directly for the role of Cleopatra. Meanwhile, Wintergreen complains about the expenses and the fact that Penny isn't a star. LaRue insists Penny's a great discovery and Wintergreen walks off. The director tells Penny not to pay any attention to Wintergreen and calls for another rehearsal. As Penny begins, a light comes loose and MacGyver pulls her out of the way just in time as it falls. LaRue notes that the production has been plagued by accidents and complains that Wintergreen doesn't pay for upkeep.
As they go to Penny's dressing room, Penny notes that some of the crew think the theater has a jinx. She admits that LaRue is a fascinating man. She goes to her dressing room and finds dead flowers from a secret admirer. LaRue arrives to tell her that they'll have a private rehearsal in the morning for the seduction scene. MacGyver leaves with LaRue, who thanks him for saving Penny and admits she's a special girl and they must take special care of her. MacGyver investigates the fallen sign and runs into Wintergreen. He tells MacGyver it could be dangerous backstage and MacGyver asks about all of the accidents. Wintergreen abruptly tells him to leave.
MacGyver meets with Pete at the Foundation and asks him to run a check on Wintergreen. The next day at the theater, Penny goes to see Wintergreen and asks him not to be so hard on her. She starts to cry and he tells her to toughen up. She promises she'll come through but Wintergreen tells her that she's an amateur and no one will pay to see her. Penny insists she's a professional and plans to prove it to him. She goes to her dressing room and hears a sound of metal creaking. The lights go out and a cloaked figure emerges. Penny runs into a costume room and the figure follows her. She ducks out and runs into MacGyver, and he goes to investigate. All they find is traces of stage blood and a fitting dummy with a knife thrust into it holding a note. The note warns that there is murder under the temple of Ra, and there's a photo of Penny attached. MacGyver suggests she take some time off but Penny thinks it's a prank. LaRue arrives and insists that Wintergreen is responsible. MacGyver goes to see Wintergreen and shows him the knife and the note. Wintergreen says there's nothing to take to the police and explains that he took on LaRue's musical to finance the theater and keep it from being torn down. He agrees to think about hiring security guards.
MacGyver investigates the sign and removes the cable holding it. At the Foundation, Pete reports there are no fingerprints on the knife and Wintergreen has the show insured. If it closes, he'll receive a large sum of money. Back at the theater, Penny is rehearsing as LaRue looks on. They take a break and Penny thanks him for believing in her. She admits MacGyver is like a big brother and he offers her a dress to wear for dinner that night. She agrees to go with him and LaRue plays as she dances for him. Wintergreen watches them from hiding and then moves back into the shadows.
At home, MacGyver examines the cable and determines it's coasted with sulfur. He then examines the note and realizes that the first letter of each of the six lines spell out... "Murdoc." He remembers how Murdoc fell to his death during their last encounter, using the same knife that was thrust into the dummy. Meanwhile, Peter gets a call from Penny saying that she and MacGyver are at the theater and need his help. Pete immediately goes to the theater and hears Penny calling for help. He follows her voice into Wintergreen's office and finds a caped Murdoc in Wintergreen's chair, impersonating Penny's voice. He doses Pete with knockout gas from his cane and then takes him down to an underground chamber with a cage over a pool of burning water. Murdoc complains that Pete and MacGyver have ruined his reputation. He pushes Pete out over the pool and boasts that he's anticipated every eventuality. When Pete tells him to kill him and get it over with, Murdoc says that he'll leave that job for MacGyver.
Penny returns to the theater and takes a bow to her imaginary audience. Murdoc calls out to her and tells her they'll bring down the house. MacGyver arrives and Murdoc welcomes him while saying that Pete is his captive. He sends Penny to her dressing room to call the police and lock herself in, but she discovers that the phone line is dead. Murdoc continues to taunt MacGyver, daring him to come to the top of the stage temple. MacGyver follows the voice to a sarcophagus only to discover that Murdoc is using a radio transmitter. A spotlight comes on and MacGyver sees Murdoc seated next to it in the balcony. As MacGyver runs upstairs, Penny hears LaRue knock on her door. She lets him in and tells him the phone is dead. Murdoc stands up, revealing that he's using leg braces to walk. He grabs her and she scratches him, ripping off the mask he wears to disguise his burned face. In the balcony, MacGyver discovers that "Murdoc" is Wintergreen, dead, with a tape player providing Murdoc's voice. Murdoc emerges on stage with Penny and takes her down into the underground chamber.
MacGyver follows them down, unaware that Murdoc has activated an electric light beam and run a steel cable from the entrance door to the release switch attached to Pete's cage. MacGyver follows the passageway to the door and triggers the light beam. A panel seals the door behind him. MacGyver goes to the door and Pete warns him that the door is rigged. Murdoc agrees, but warns that if MacGyver doesn't open the door then he'll die. The assassin activates hydraulic jacks raising the floor to crush MacGyver. Murdoc leaves with Penny and in another passageway ties her up. He plans to use her as a hostage to deal with whichever one survives. She tries to appeal to LaRue and Murdoc considers it briefly, admitting she pulled it out of him. Murdoc talks of how he learned to smile due to her and admits that he loves her. She accuses him of being insane and he says they'll see.
With time running out, MacGyver manages to hook the trip wire so he can open the door safely. He moves Pete's cage back to the floor and hears Penny crying for help. He gives Pete a board to break himself free and goes to investigate. MacGyver finds Penny, tied up and gagged, and Murdoc impersonating her voice again. Murdoc assumes Pete is dead and holds MacGyver at gunpoint. Penny kicks the gun out of his hand and the two men struggle while Penny and Pete try to free themselves. Murdoc draws a knife and lunges at MacGyver, and MacGyver manages to disarm him. Murdoc grabs a board and beats MacGyver down, then swings and misses, hitting the control panel and knocking an electrical cable loose. Pete frees himself and yells, distracting Murdoc long enough for MacGyver to grab the cable and slam it into Murdoc's leg brace. He falls into the burning pool and sinks out of sight.
Later at the Phoenix Foundation, MacGyver and Penny go over photos of Murdoc's many disguises and Pete arrives to inform them they drained the pool and there's no sign of Murdoc. He apparently escaped through a broken sewer line and they figure he'll be back. Penny admits that Murdoc made her feel like she had talent and MacGyver assures her she does. Pete has her dressing room star and MacGyver tells her she'll need it soon.