The episode begins with Peter sitting in Neal's apartment, recalling the incidents leading up to Neal’s disappearance. Meanwhile, Peter is introduced to Kyle Collins, who is unhappy that after six weeks there are no leads on Neal's whereabouts, and he makes it amply clear to Peter. Collins is there at the behest of Kramer and is adamant Peter is going to help him find Neal, as he is sure Peter knows something. Cut to Neal in a tropical paradise of some sort, living the high life, and apparently enjoying every bit of it. There is a boy named Hector he has befriended and he is disturbed that his fruit is being stolen. He is pursuing an attractive waitress Maya who doesn't trust his past.
She won't consider dinner unless he's honest with her about something, although he tries his best to convince her that he is being absolutely honest. It is then revealed that they're in a nation with no extradition treaty with the U.S, thus making it all the more easy for Neal to stay safe and worry free. Later Neal tells Mozzie he misses New York, although he is enjoying the good life here. Meanwhile, Collins doesn't seem to trust how much Peter has done to find Neal, as he is clearly aware of the soft spot Peter has for Neal. Later at home, Peter and Elizabeth talk about him feeling he had to let Neal go because Kramer gave him no choice, and therefore he doesn’t have any guilt or regrets. Peter thinks "E Parker" is the key to the whole thing. Peter's plan is to follow Collins and see if he leads him to E Parker.
Meanwhile, Neal tells Mozzie he wants some face time with Henry Dobbs, the person they're paying to keep them hidden, as he has something important to discuss with him. Mozzie makes it sound like their location is the only option in the world that meets their needs, as he apparently likes living up in this location. Meanwhile, Dobbs' hobby is shown making ships in bottle, and apparently it’s his favourite hobby. Neal in the meanwhile before giving Dobbs his payment, asks that Dobbs have his man stop stealing fruit from Hector. Dobbs agrees. Meanwhile, Peter and Elizabeth stake out Collins as he meets with a middle-aged woman, as they are trying to acquire all the information they can get. The couple reminisces about Neal and their time together.
Meanwhile, they watch Collins leave and Peter knocks on the door after he's gone. Meanwhile, Parker doesn't buy that Peter is actually Neal's friend and slams the door in his face, thinking Peter is clearly lying. Meanwhile, Hectors helps Neal set-up a romantic dinner with Maya. They play 20 questions and she asks about New York, as she has been curious about Neal’s background from the beginning. Meanwhile, Peter and Elizabeth get home and find Parker, who wants to be called Ellen, waiting for them. Elizabeth's 'good cop' was very effective. Peter tells her that Neal needs their help. Peter tells Ellen he was the one who gave Neal the signal to run. He tells her Collins won't stop until he's brought Neal back, dead or alive. Ellen tells Peter that years ago they exchanged pagers for use in emergencies, as they felt it was the safest way for them to communicate.
Meanwhile, lying in bed with Maya, Neal gets a page much to his visible surprise. Peter gets a call back and tells him about the DOJ looking for him. He says he thinks Collins is dangerous. Neal thinks "it's over," but Peter doesn't agree, and feels there is more to it. Peter was taping the conversation, as it turns out. Later, Peter has Jones and Diana analyze the background noise in Neal's call, so he can gauge where he possibly is. They hear church bells, ocean tides and the sounds of a storm. Meanwhile, Mozzie has looked into Collins and reports that he's dangerous. Neal isn't worried he'll be discovered, since the beeper and burner phone are both in the ocean, thus there is any way they can be tracked. Mozzie likes the fact Neal seems to be building a relationship with Maya, and is visibly happy for them.
Meanwhile, Diana and Jones find the exact church from the background in Neal's call. He's on one of the Cape Verde Islands and their plan is to try and figure out a way to bring Neal home. Meanwhile, Collins and a team of agents come to Peter's place with a warrant, much to Peter’s surprise. He also finds the map Peter used to find Neal's location; and manages to put two and two together. Meanwhile, Hughes tells Peter that Collins was on the first flight to Verde, much to Peter’s dismay. Since he has no jurisdiction in the place where he is going to, Peter is worried how Collins will attempt to bring him back. Hughes places him on leave, essentially allowing him the time to help Neal, as Neal would need all the help he can get now that Collins has found out where Neal is.
Meanwhile, Hector shows Mozzie and Neal that Collins has arrived at Verde, much to their shock and dismay. Neal begins to destroy all of the evidence of his current alias and they prepare to leave the island, as they feel they are left with no other option now that they have been found out. Meanwhile, Peter arrives in Verde by himself and heads for the church. He stops in a hat shop and shows Neal's picture. The owner directs him to the coffee shop. Peter shows Maya Neal's picture, but she pretends not to recognize him, as she is suspicious of Peter. Collins meanwhile pops into the coffee shop. Neal and Mozzie are watching them from afar. Collins shows the room Neal's wanted picture and tells everybody he's offering $500,000 for Neal's capture. He implies that he doesn't care whether Neal is dead or alive, thus revealing his modus operandi for finding Neal.
Meanwhile, Hector steals Peter's wallet, leading him to Neal. They embrace. Mozzie’s suggestion is to take a boat and the threesome has to fight their way through locals on their way to the wharf, as they are left with no other option to make their getaway. They split up, with Neal planning to meet them the next morning. Later, Neal jumps on Maya's scooter and she speeds him away from the locals. Turns out, Maya had figured out Neal was in trouble and hence, landed up in time to help him. He tells her his real name and gives her a kiss good-bye. Later, Neal pays Dobbs a visit and asks for transportation off the island, as Dobbs has the resources to arrange for it.
Mozzie has secured a boat for them, in the meanwhile. Dobbs in the meanwhile starts getting a little angry about the fact that, Neal brought the U.S. government to his island; he voices his displeasure at this fact. He then calls him Neal and Neal realizes something is amiss, the moment he does that. Collins enters the room just then with his gun drawn, much to Neal shock and horror. The episode ends at this point.