The scene opens with Peter learning that Elizabeth has been taken by Keller. They have check points out and Diana and Jones promise Peter they will find him since "we know what Keller wants." Peter slams Neal up against the wall and says he's going to give Keller the treasure. Keller calls and lets him speak with Elizabeth. She tells him to make sure he checks on their dog, Satchmo. After he hangs up Peter tells Jones that there is blood on Satchmo's mouth -- hi bit one on the kidnappers. Peter demands Neal take him to the treasure. It's gone and Neal assumes that Mozzie (who isn't speaking to him) must have moved it. Peter is beside himself and says they have 12 hours to find Mozzie. With Mozzie completely off the grid, Peter asks Neal about their argument. They come to the conclusion Mozzie must still be in town and is "thinking it over."
Neal tells a representative of Mozzie's "Cher Ami," referencing a pigeon that saved hundreds of lives in World War I. Neal then places a message on a pigeon and sends it into the air. The blood found in Satchmo's mouth was that of Leonard Grant, an ex-con with a history of violence and kidnapping. Peter still isn't telling Diana and Jones exactly what he's working on with Neal. Mozzie reads the message. Elizabeth tells Keller she's happy he's taking the art, since Neal lied to her husband. She also says Neal and Peter "are going to kick your ass." Keller shows her there is no escape from the room she's being held in. Mozzie arrives at the bureau to talk with the guys. He says he has the treasure, but says there's no reason to give it to Elizabeth since it's there only bargain chip.
Peter wants them to "change the game." The FBI has a lead, but needs more time. Neal thinks they can't wait to make the exchange. Peter has an idea for a way to stall without Keller thinking they're stalling. They need a former con. Mozzie meets with Roofus and his sidekick Simon, telling him he has a two-man security-cracking job he needs help with. Roofus shows Mozzie a gun and takes the assignment, which Mozzie had pretended not to have read. Elizabeth talks to Grant about the possibility of his dog bite being infected. The guys meet with Keller at a storage location where they say the treasure is being held. They open a container and Keller walks in and begins examining some of the treasure. They hear sirens and take off out the back.
The cops grab Roofus and Simon, where were breaking into another container. The cops say they're going to check out the other containers and set up a perimeter. Since the police will need warrants to get into the container, Peter suggests they break in and steal the treasure. With Keller, the guys game plan for getting into their container. Peter refuses Keller's suggestion they kill several of the cops guarding the facility. The plan is for them to pretend to be bringing an empty cargo truck to the scene. Mozzie and Peter will drive the truck, while Neal and Keller will hide and then load the treasure. Keller asks Neal why he didn't leave with the treasure. Neal says he was seeking stability. He also mentions that everybody who has gone after the treasure has found trouble.
Peter arrives with the truck and tells Neal that Jones is working a long-shot angle. We see Jones putting in long hours at the office. He and Diana make a breakthrough using cherry blossom pollen found on a shoe. This sends them to a neighborhood. Elizabeth has secretly turned up the heat but is pretending to be cold. Grant is sweating and she convinces him this is infection setting in. He leaves for antibiotics and she goes to one of the windows. On the way to the container Mozzie admits to Peter that he cares about Elizabeth. In the back Keller and Neal talk about "the good old days." A cop won't let them into the perimeter, so Peter and Mozzie leave it there and explain to the man where the vehicle needs to end up. The cops take it in for them. At the designated time (lunch for the cops), Neal and Keller look out of the truck and see that nobody is at lunch.
Jones tells Peter that the security is working double shifts. Neal and Keller grab a few jackets and pretend to be cops. They tell another cop his precinct is supposed to help them unload the container. When he asks for the warrant Keller takes him behind the truck. Just before Keller is about to strangle the man Neal hands him a phone with Peter pretending to be with the DA's office. Grant's hunt for things to treat his dog bite gives Diana and Jones and line on where Elizabeth may be. As soon as the truck is loaded up Keller knocks Neal unconscious. Elizabeth breaks out her window with a chair. She gets outside but is grabbed by Grant. He is shot from behind by Jones. Elizabeth calls Peter to tell him she's safe. She tells him to find Neal.
Peter and Mozzie grab a car. Neal wakes up in the back of the truck. He opens the back and starts knocking boxes out until Keller stops the truck. Keller grabs a gun he has stashed and goes around back. Neal knocks the gun away and the two begin fighting. Keller uses a priceless work of art to knock Neal to the ground. He appears ready to kill Neal when Peter shows up. When they fight Neal grabs Keller's gun. He ends up shooting Keller in the leg and helping them get him in custody. To put Keller away Neal needs to make a full confession, which put him away for years. The plan is for him to wait 12 hours before turning himself in. Mozzie says he has a contingency plan and the two part ways, "till the next chapter." Neal shows up to turn himself in, telling Peter he's ready to make a full confession. He tells Peter he's willing to give up everything. Peter show him that last night Keller confessed to everything, saying he did it by himself.
He said he would give a full confession as long as it was in front of Russian authorities. This was to get him off the hook with the Russian mafia. Peter says this means both Neal and Mozzie are off the hook and says it means a lot to him that he was willing to turn himself in. Diana comes and gets Peter. The episode ends as he reads a letter from the parole board that basically says in three months Neal could be a free man. The episode ends.