The scene opens with Sara staring at Neal and Mozzie's treasure through Neal's closed circuit camera. Neal comes home and she immediately tries to start breaking up with him. He guesses what's happened and she makes a tearful retreat. Later, Neal tells Peter about breaking up with Sara. Jones and Diana are listening to a suspect in an agency van and Jones takes off when Neal and Peter arrive. At home Jones finds his door open and a masked intruder inside. The intruder gets away after a struggle, but appears to take a bullet from Jones on his way out. Later, Jones tells Peter the intruder was after a postcard from an old Naval Academy buddy of his. Neal spots a microdot underneath the stamp. Meanwhile, Jones' buddy Jimmy works for a private mercenary organization of some kind but Jones is having trouble getting info from them.
Jones is surprised his friend would work for a place like that; he doesn’t approve of it at all. Meanwhile, Jimmy's wife Isabel arrives to give a statement and its clear Jones is weird about it. She tells the gang she and Jones almost got married; much to their surprise. Meanwhile, Jimmy was recently assigned to guard a palladium (a rare element used in electronics) mine in South Africa. Word from Isabel is a man known as Striker sent him there. Jimmy told Isabel he believed his employer had been monitoring him. The microdot contained a schematic of the mine showing that there is an annex not included in the official record. The key to finding Jimmy is to figure out what Striker is doing. After the meeting Peter tells Diana that D.C. art crimes found a painting in Baltimore that may be from the stole collection. Neal is outside the room but he is filming Peter's face on his cell phone.
Meanwhile, Mozzie reads Peter's lips and figures out what was said about the painting, thus deciphering to an extent what is exactly going on. A manager at the mine was killed before she could tell a reporter what was happening. Jimmy's company is hosting a gathering where they think they mind find Striker. Jones will be able to attend as former military and he is going to take Isabel. Isabel spots Striker immediately. His name is Henry VanHorn and he's the company's COO. Jones asks Henry about Jimmy and is told rudely that he "abandoned his post." Jones is sure Van Horn is the guy who was in his apartment. Meanwhile, Peter spots Jimmy outside the party. He drops a bullet and runs; as he has been spotted. Meanwhile, Isabel tells Jones that Jimmy may not be a hero. He was sending her cash back from the mines, calling it a "bonus." Although it was probably money, procured by doing something else. She thinks he's been trying to live up to Jones.
Meanwhile, Diana tells Peter the painting was the real deal, but it's not part of the U-Boat collection; as Peter had assumed. Meanwhile, Neal sees an envelope on Diana's desk, and it is from the art crimes division; he is taken aback on seeing the envelope. Neal tells Mozzie he thinks Peter still has a copy of the manifest and plans to snoop around that night; to get a hold of it. He finds Peter in his office staring at the bullet from Jimmy. The bullet is filled with palladium and Peter is wondering whether Jimmy might be dirty. The other possibility is that Jimmy wants out and Van Horn is trying to keep his mouth shut; and hence Jimmy might just be innocent. Peter suspects Van Horn’s scheme is sneaking the element into countries to avoid taxes. Peter brings Van Horn into his office for a chat; just so he can get a clearer picture. He brings a note saying that "in the interest of national security" he won't be doing any interviews himself, instead directing the FBI to the Department of Defense.
Peter gets permission from the U.S. Attorney's office to wiretap Van Horn’s cell phone; in order to tap into any relevant information that might be acquired. Meanwhile, Neal pokes around Peter's office after he leaves and makes a quick impression of his wall safe key; so he can gain access to it later, and find out if Peter does have the manifest. Later, Mozzie tells Neal that the safe is a new model; thus it would be virtually an impossible task to break into it. Neal thinks they must break into Peter's place that Friday during Peter's poker game; as at that time Peter would b distracted. Mozzie mentions the concern of his ankle bracelet; as they could be easily detected thanks to it. Later, Neal stops by Jones' place with some booze. Jones is upset Van Horn’s cracks about him and Isabel have been getting to him.
Jones didn't think Isabel would have been happy as a FBI agent's wife so he was the one who broke it off; just so she could be happy. Isabel shows up and Neal says he was just on his way out. Isabel leans in and they kiss briefly. Jones' phone rings with Peter saying Jimmy has been kidnapped by Van Horn’s company; thus from the looks of it Jimmy might actually be innocent after all. Using Van Horn’s phone they realize that he set Jimmy up with a fake meeting with a whistle-blower. The plan is to figure out Jimmy's location before going in with a warrant. Diana is going to set up a fake meeting with Van Horn, with Neal pretending to be a high-ranking naval officer looking for business opportunities; thus trapping him in the bargain. Jones wants to lead the team but Peter thinks he should sit this mission out.
Jones talks his way into it. During the meeting Neal wears a device that copies Van Horn’s access code. Neal finds a door Van Horn was avoiding and heads there. We hear Van Horn tells a subordinate that the plan is to kill Jimmy on his way to South Africa. Neal spots were Jimmy is being held and Peter sends in Jones and the team. Van Horn orders signals jammed and spots Neal hiding near Jimmy's room. Van Horn heads towards Neal with a crossbow. Neal narrow avoids several arrows from Van Horn before running down some stairs. Van Horn’s third arrow hits a fire alarm and Jones comes up behind him just before he can kill Neal.
Jimmy is rescued. Isabel tells Jones that Jimmy will face some charges, though he dropped out before the murder. She seems unsure whether they will make it as a couple. The night Neal is set to break in Peter, Jones and Diana head out for a stakeout. Mozzie goes to Peter's place and brings her to an art exhibit. Once they leave Neal comes in through the back door. Neal finds the wall safe and is able to get in. He finds the manifest and takes a few pictures. At this point Peter calls to ask about Sara during a break. Peter says he's there for Neal if he wants to talk. They hang up and Mozzie calls. Neal lies to Mozzie, telling him the manifest wasn't inside. The episode ends.