The episode begins with Neal comparing the manifest he found in Peter's safe to what is left in the treasure, just so he can confirm things. He is pleased to see Mozzie has not sold the Degas painting he had been considering. Mozzie comes in with a tabloid headline, convinced "they're on to us." Hale (who he's lined-up to fence the Degas) and Sara are the two people who can potentially connect them with the treasure, and hence are useful contacts. Neal continues to lie to Mozzie, saying they can't leave the country until they have the list; a fac that Mozzie is visibly unaware of. Meanwhile, Neal sees Sara on the street. She tells him she's seen the treasure. They go back and forth about whether she would have wanted to join him and whether he would have asked her to come; they find it difficult to come to a conclusion. They appear to firmly end their relationship as Peter happens by.
We learn in a unit meeting that Matthew Keller is back. He's been taking advantage of political unrest in Egypt, stealing artifacts while the country is distracted; hence he hasn’t been caught as yet. He's stolen an especially rare amulet that is now believed to be in Manhattan. The Egyptian government wants it returned; and hence he has to shoulder this mission. Meanwhile out on the street, Peter asks Neal if it's possible Keller thinks Neal has the U-Boat treasure. Neal thinks they should use this possibility to take him down; as that would be the best bet possible, for them to net Keller. Keller is nearby, watching them; he is probably keeping a watch on Neal. Meanwhile the New York connection between Keller and the stolen amulet has been found. Egyptologist and known fencer Raquel LaRoque.
LaRoque is known for hiding artifacts in cheap looking, X-ray proof trinkets; so as to escape detection. Later Neal and Mozzie meet with Hale, for whom Mozzie's recently tricked-out a car. Hale asks about the Degas. Mozzie says it will help that deal get done faster if he can facilitate a meeting between Neal and LaRoque; as Neal will surely be able to ply some information out of him. Meanwhile, Neal learns Peter is hesitant to tell Elizabeth about Keller being involved in this case. Neal meets LaRoque at a restaurant; in order to gain his confidence and get some information. Peter's plan is to grab them both and then when Neal doesn't flip she'll trust him; this move will help Neal make headway into acquiring information. Instead, Neal and LaRoque duck out the back of the restaurant once Peter and his team make an appearance. Hale never shows.
LaRoque tells Neal she has a package she believes contains the amulet, but the partner in charge of disguising it was arrested. She tells Neal she will be in touch. Thus the plan is more successful than could have been imagined earlier. Meanwhile, Mozzie calls Neal. Hale is dead; he tells Neal. Using a hidden camera, Mozzie installed in Hale's car we see the killer was Keller, finally confirming for Peter and the team he is in New York; thus they are on to him. Peter wants to shut down the operation. Neal convinces him LaRoque is the best way to ferret him out; and thus they should continue with the operation, till the desired results are achieved Meanwhile, Keller approaches Sara as an Interpol agent. He says telling him something about the treasure is the only way to protect Neal from a life in prison. Neal is to rendezvous with LaRoque at her lab the following day; so he could gain some more vital information from LaRoque. Meanwhile, Sara stops by Neal's place and finds Mozzie.
She tells him she gave an Interpol agent the IP address of the closed circuit feed. Mozzie moves to shut down the feed, as he figures out who the Interpol agent might have been. They in fact manage to confirm the fact that the "Interpol agent" was Keller. Later, Mozzie tells Neal about Keller posing as Interpol. Mozzie has re-set the feed; now that they are on to Keller. The plan is for him to secure the art. Mozzie also seems interested in stopping Keller "once and for all.” as he too is bothered by Keller’s shenanigans. Neal's anklet is removed. They give him a bugged watch instead; so he can still be tracked. The second he determines the amulet is real he is to give a trigger word. The team will then move in. Neal enters LaRoque's lab. Mozzie places a $6 million bounty on Keller's head. Neal and LaRoque flirt continually while uncovering the amulet. Neal gives the trigger word just as Keller enters the lab. He is well aware of Peter's team outside. They won't be coming in.
LaRoque realizes who Neal is, grabs a gun and leaves. Keller tells Neal he's there for the treasure. Neal realizes the whole amulet plan as a set-up to get the art. Outside, someone tells LaRoque of the price on Keller's head. Neal tells Keller he doesn't have the treasure. He says "I know you don't." In the van Peter realizes they've been listening to an audio loop and orders the team to move in. Keller shows Neal footage of men carting boxes from the room where the art is being kept. He says "I won." Neal punches him. Keller fires a shot into the wall. Peter gets to the door. Keller ducks away. Neal shuts off the computer before letting Peter in. Keller is gone. Peter turns off Neal's GPS bugged watch. He sneaks off. On his way to the warehouse, Neal calls Mozzie. Mozzie confirms the art is still there.
They realize Keller was trying to trick Neal into leading him to the warehouse. Neal heads to a different location with the plan being for him to draw the feds there by turning on his bug. They hang up. Mozzie calls the man with whom he placed the bounty to say where Keller is located. Neal and Keller have another showdown. Neal tells him the feds are on their way. Keller doesn't believe him. Keller gives up on Neal and is about to shoot him. Peter and the team come in. While Keller is being taken into custody, LaRoque takes a shot at him. The agents are distracted by locating the shooter, the result being Keller is able to escape. Neal explains his sneaking away was a plan to grab Keller. Peter seems to buy it and mentions the bounty. LaRoque is brought in. She and Neal kiss.
Neal runs into Sara in the FBI office. She is there to give Peter her statement. She promises his secret is safe. Peter tells Elizabeth about Keller getting away. She's upset he wasn't up-front with her earlier. He tells her about the bounty. While viewing the closed circuit feed, Neal sees the Degas is missing. Mozzie walks in and admits to fencing it to pay for the bounty. Neal then tells Mozzie the Degas was on the manifest, admitting he lied to him about having it. The episode ends with them realizing that they are screwed, unless they are able to get the painting back.