The episode begins with Jane and Lisbon arriving at the Santa Marta beach. The case is of a missing person; Jay Banner. He went surfing and never returned home. They meets the local cop, Chief Anson, who introduces them to Jay’s roommates, Tark Mitchum and Viki Lang. the detective tells Jane that Jay is an adult and its hardly been a day since he is gone; it seems to be a complete waste of time for him. The roommate tells Jane that Jay had gone along with another roommate for a strip show. He found his board lying on the shore. He knows that Jay cannot drown, as he is a fish. He called his father who is a Congressman. They tell Jane that Jay was trying to go pro with his surfing. Viki tells Lisbon that she and Jay would have casual sex occasionally.
Just then Jane finds Jay’s dead body lying behind the rocks, covered with sand. Next, they meet Greta Marshal, who was Jay’s employer. She tells them that it is a sad news and that they should meet her husband Greg. They are salvage divers. Greg comes and Lisbon is shocked to see him. It turns out that Lisbon was once engaged to Greg. They tell him that Jay worked there for a year, but he quit. He anyway did this job for some side money. Next, Cho and Grace go to meet Jay’s landlord, Lance. They also meet Jeter, Jay’s other roommate. Jeter says that he went surfing with Jay and then left for work. Grace tells him that Jay was murdered around the same time he was with Jay. Jeter tells them that he saw a boat coming in. they check Jay’s room. Lance tells them that Jay was planning to move out and live on his boat.
Cho checks the AC vent and finds coke in it. It has a lightning bolt drawn on it. Cho calls Summer and tells her to find out about the drug dealer in Sacramento who uses a lightning bolt as his logo. She tells him that he knows a dealer named Tookie who uses a lightning bolt as a logo. She says that she could ask him. But Cho tells her not to. He only asks her to find out more about Jay Banner. She meets Tookie. Tookie knows Jay. She flicks a small pouch of coke and leaves. Next, Cho arrives at Summer’s place and finds that she is been beaten up badly. She tells him that some punk hit her while mugging her and that its no big deal. Cho doesn’t believe her. She then tells him that some guy she used to party with did this and it happens all the time. Cho asks her to rest and leaves. Grace tells Lisbon that Jay’s friends told her that Jay was having a heated argument the night before he died; an angry girlfriend.
Grace also finds out about Tookie. But he has an alibi; the cops had arrested him the night before the murder and so he was in prison when Jay was murdered. Next, Lisbon arrives at the bar, where Jane is listening to the story about Fremont, a treasure ship from an old sailor. Fremont had gold worth millions on it; but it drowned. He shows Jane a gold coin that he found while searching for it; but that was all that he found. Jane thinks that Jay and his partner found the boat and then the partner killed him. Next, Cho meets Tookie and beats the living daylights out of him. Tookie tells Cho that Summer stole his product worth six grand and she wouldn’t give it back. Cho tells him to stay away from Summer. Next, Lisbon and Jane go to the Impound Ground. Jane tells Lisbon that Jay was a smart man and that he would have kept his boat in a place that the police would never look for.
They find Jay’s boat. But they hear a noise from inside the boat. It is Greg. Lisbon interrogates Greg. He tells her that he didn’t kill him. She tells him that they found the cleaning equipment on the boat and that they know that he was on the boat to clean his tracks. But he still maintains his stand. Meanwhile, Jane steals the gold coin from the sailor. Rigsby gives Lisbon the inventory from Jay’s boat; it has some salvage equipments. Lisbon goes to question Greta. She asks Greta whether any of her salvage equipments are missing. Lisbon states her theory that Greg was Jay’s diving partner and that he is involved in his murder. Greta tells her that Greg is innocent. Greta tells her that Greg was trying to protect her. She was the one on the boat Jeter saw arriving on the shore the day Jay was killed.
She had an affair with Jay. She says that she was too stressed with three kids and business. She wanted to enjoy a different life. But then that morning she went to meet Jay to end their relationship and then she confessed everything to Greg. Greg forgave her. Greg did not kill Jay nor did she. Just then Lisbon gets a call from Jane. He asks her to come over to Jay’s house. In the house, Jane tells Chief Anson that they need to thoroughly search the house. They are looking for treasure. Meanwhile, Cho visits summer. But she is tripping. Cho is angry and destroys the cocaine she is hiding. She confesses that she stole the coke and that she has faced worse beatings for a lot less. Cho tells her that she is messed up. Lisbon arrives at Jay’s place.
She asks him as to why the sudden search. Jane tells her that jay had to hide it someplace. And since they didn’t find it anywhere; he decided to search his place. Jane tells the people present in the room that Jay’s partner double crossed him and killed him. But then Jay was a step ahead. He moved the treasure before he died. Chief Anson finds a gold coin from the trunk of Jay’s car. Jane tells the group that possibly Jay simply used his car to move the gold someplace else. It is actually Jeter’s car. But he tells them that Jay had a key too. Anyway, there is nothing much to do. Jane suggests that they all go home. On their way back, Jane tells Lisbon that this is a trap. He knows that the killer would be compelled to come and look around for the treasure.
Later at night, Jane and Lisbon stake out the house and wait for the killer to appear. After a while, a man wearing a hood appears. They follow the man to the beach. It is Lance with a box full of gold coins. He tells Rigsby and Grace that he had found the treasure but he couldn’t dive alone and so he partnered up with Jay. He had told Jay that he should not tell anyone about the treasure. He saw him talking to Greta on the beach. But he thought that Jay was telling her about the treasure and so he killed Jay. He says that Jay wanted half of what he had found and he thought that it wasn’t fair.
Next, Lisbon tells Greg that nobody is going to prosecute him for breaking into Jay’s boat. He thanks her and tells her that he is glad that they met again. She apologizes to him for ending their relationship in an inappropriate way. Next, we see that Jane returns the coin to the old sailor. Cho and Summer are at the station. He is sending her to Seattle so that she can start her life all over again. She leaves. The episode ends.