The episode begins with Peter and Elizabeth at home. He's been working from home and leaves a scanner on the living room table. Later while Elizabeth is working from home she overhears a conversation that sounds like a crime being planned. Reference is made to a specific time and a particular intersection, where it would be committed. Elizabeth calls Peter and gives him the tip regarding the impending crime. Peter and Neal sit at the intersection but nothing happens. They begin to discuss whether Elizabeth is still shaken from the Keller experience when she shows up to see what happened. She's disappointed it seems that they don't fully believe what she heard. Meanwhile, Mozzie comes over to help Elizabeth monitor the scanner.
They hear the same voice again and realize the person is by a car across the street. Mozzie thinks he sees a gun and they watch him go into a house just a few doors away from Elizabeth and Peter's place. Later, Elizabeth and Mozzie play the tape for Neal, which includes reference to a "work order." She doesn't want to tell Peter until she knows for certain that she's right, as she has been doubted by him once before. Neal and Mozzie agree to look into the matter. Meanwhile, Jones and Diana tell Peter that after a complete analysis of the intersection nothing more interesting than an ATM malfunction and a few phones going down took place. There is no indication regarding an impending crime. Meanwhile, with Mozzie standing guard Neal looks through the window of the house, the possibly armed man walked into.
He sees the duffle bag the man had in his trunk. They are chased away before he can get inside to investigate, and on the way home Neal tells him that he saw a government-issue lock picking set there that is illegal for private ownership. The plan that is formulated is, for Peter to somehow get over there and see the lock picking set on his own. Meanwhile, Elizabeth brings over some peas from her garden and introduces herself to the man's wife, Rebecca. Her husband's name is Ben. Elizabeth manages to strike up a friendship, and consequently gets herself and Peter invited over for dinner on the pretense that their kitchen is being remodeled. Meanwhile, before dinner Peter tells Elizabeth he hates telling people what he does, because they always want help with parking tickets, and that irritates him to no end. While Peter and Elizabeth are at dinner, Neal and Mozzie keep watch from the street in a car.
Neal clearly enjoys stakeouts, particularly with Peter. Meanwhile at dinner, Ben tells Peter and Elisabeth that he's a painter. Rebecca, they are told is a dancer considering retirement. The hosts begin to quiz Peter about what he does and he lets them guess. In the middle of all this, Elizabeth excuses herself to use the bathroom. Upstairs Elizabeth goes into another room to look for the bag. Her walking around makes Ben think there might be mice and he goes upstairs to investigate. Meanwhile in the duffle bag, Elisabeth finds professional telephone repair equipment and a uniform. Ben enters the room to check out the sound. Elizabeth hurriedly hides in the closet; Ben finding the door ajar innocently locks the door behind him, before leaving the room. Elisabeth is trapped and in panic signals for Mozzie and Neal.
Meanwhile, Peter wonders what's keeping Elizabeth just while Neal talks her through picking the lock from the fire escape. Just as she manages to open the door, she walks into Peter, who sees both her and Neal at the window. They pretend Elizabeth isn't feeling well and leave hurriedly. Later, the gang explains the scheme to an upset Peter. They tell him about the duffle bag and Peter mentions the phones going out. Meanwhile, Diana finds out Ben did four years for armed robbery. Neal says he thinks the other day was a dry run for the big score. Peter realizes that criminals are residing just down the street and calls Elizabeth to warn her. But just as the phone rings she's answering the door. It's Ben, returning the dish the peas were in. He ends up coming inside and notices their kitchen is not being remodeled. He estimates that there is something fishy, makes a few threatening insinuations and leaves.
Meanwhile, Peter doesn't want to bring Ben in for the fear of scaring him away from his mission. He sends Mozzie over to keep a watch and ensure that Elisabeth is safe. Meanwhile, they tail Ben, and find him speaking with fellow ex-con Connor Bailey. Bailey is possibly his accomplice. Peter and gang plan for Neal to get close to Ben, pretending to be an ex-con. The plan is to turn Ben in to his parole officer, and plant Neal there to run into him after the meeting. The plan works perfectly. Neal and Ben hit it off and he invites him to have a drink at a strip club. While they're there Ben takes a call and writes down something on a pad. He leaves for a minute and Neal uses a stripper's eyeliner to bring up the letters on the next sheet. The letters form a work order of some kind. Also Peter has found out that the ex-con Bailey is the daytime manager at the strip club. It turns out the heist is at a hotel that is hosting a gem convention.
Ben has been painting the place, just so he can get a fair idea of the area, where he shall be committing the crime. The manager says his vault has more than $7 million in it. Peter and gang get there, just as Ben and Connor are leaving with the contents of the vault. They fire a few automatic rounds at Peter and Neal and make their getaway in a van. Neal tells Peter he thinks Ben is putting down roots by buying the home. They think Ben is going to sit on his cash and lay low. Meanwhile, Elizabeth and Mozzie are at home. Peter calls Elizabeth to tell him what's happening and tells her squad cars are en route. Elizabeth sees Rebecca place bags in her trunk and leave. She talks a reluctant Mozzie, into helping her follow Rebecca. Meanwhile, Peter says if they can match the exact amount of cash they'll be able to bring the criminals in.
Elizabeth calls to tell him they've followed Rebecca to the strip club. They see her going inside with three huge, empty bags. Elizabeth makes Mozzie go inside the strip club with her. The plan is to pretend they're FBI. After some coaching from Mozzie, Elizabeth tells Connor she's an agent and they know about the heist. He walks into a back room and tells Ben and Rebecca what is happening. Rebecca and Ben see who it is on the surveillance cameras, and start grabbing weapons. Mozzie creates a distraction, buying them enough time to get away. Elizabeth ends up knocking out Rebecca with a vase. The episode ends with Ben and Connor being apprehended outside by Peter and gang.