The episode begins in Cape Verde; Mozzie and Peter are walking down the street, wondering what happened to Neal. Peter tells Mozzie that to find Neal the first thing to do is to find the girl he's interested in, so they head to Maya's cafe. She says that she wanted to rendezvous with them, but there were too many people looking for him, so he went back to Dobbs for shelter. Mozzie theorizes that, he's still there. At Dobb's place, Neal is cuffed, gagged and locked in a cage. But he escapes his cuffs and tries to take the screws off the door of his jail. He gets one screw out and it drops outside the cage, just out of reach. He then hears Dobbs and Collins coming, puts his gag back on and cuffs himself behind his back.
Collins notices the screw on the ground and pushes the door off of its hinges. He accuses Neal of trying to run, pulls out his pistol and shoots Neal in the leg. Meanwhile, Mozzie and Peter watch Dobbs' compound through binoculars, from a distant bridge. Moz and Neal notice Collins talking to Dobbs on the patio. They start to formulate a plan. Inside, a doctor takes the bullet out of Neal's leg before Dobbs comes in to retrieve him and take him to Collins's car. As she patches up Neal’s leg, she tells him to concentrate on Dobbs's boats to help him deal with the pain. He stares at them and rattles off their names: Claudia, Annette, Adela, Esmeralda, Isabella, Mirabella... Neal notices a crystal bowl by the door and, as Dobbs helps him limp away, he stumbles against the bowl and reaches inside, grabbing a key.
As Collins tries to drive off with Neal, Peter and Mozzie cook up a scheme with Hector, the fruit stand boy, to create a roadblock using upended produce. Mozzie runs over and persuades Collins to get out and help him. Collins meanwhile ties Neal to the dash. Then while Collins is helping Mozzie, Peter heads over to cut Neal loose. He notices Neal's been shot and he realizes that he can't run. Neal tells Peter he has a getaway plan: the key he lifted is for Dobbs's yacht. Peter and Neal then drive away in Moz's car and text him to let him know that they're at the wharf. Once they get there, they realize that they don't know which of the tens upon tens of boats belongs to Dobbs. Neal gets an idea and along with Mozzie, rattles off the names of Dobbs' model boats.
Mentioning the names together makes Peter start singing a song about them to "London Bridge is Falling Down," ending with the line "Rob's fair ladies." Neal and Moz are confused. Peter confirms with them to make sure those are actually the names of Dobbs' boats, and they say yes. "Forget the boat," Peter says. "I think I have a way to get you back to New York." At another location, Peter calls HQ and tells Reese and the team that he's found Rob MacLeish, the man at the top of the FBI's Most Wanted list. Peter asks what it’s worth to him, if Caffrey catches him. He proposes that if Neal brings in MacLeish that the FBI reinstates the old deal, with Caffrey on the anklet working with Peter. Peter later wakes Neal up to the fact that if he doesn't take the deal he'll always be running. Also Peter doesn't have the power to arrest or extradite. Mozzie comes up with a heist scheme: steal back the bribe money.
Distract him by letting word spread that he's skipping town and gathering up his cash. Moz theorizes that if people hear he's leaving, everyone he's associated with will show up for a big going away party. Meanwhile Neal trains Peter in the art of tending bar, and Neal persuades Maya to help them with their plan. Everything is coming together except for one detail; Dobbs's safe is nearly impenetrable. So they come up with a distraction in which Dobbs will only think the safe has been emptied. Later, at Neal and Mozzie's former safe house, Collins and a team of armed goons storm the place only to find Peter, drinking a cocktail. While the armed men search the place, Peter tells him that he's done and he's heading back home. After Peter is gone, Collins picks up the glass and reads the writing on it: El Cafe Isleno. At the party, Peter begins to drop a rumor about Dobbs's old bartender running into problems with the law.
She promptly goes back and whispers about it to his date. Meanwhile Mozzie pulls up in a van to make a distracting delivery, allowing Neal to sneak in. Two official looking men meanwhile, including one wearing an officers badge, come up to inquire about the other bartender, and Peter says he heard that he was detained because the American authorities saw him loading “all that money” into Mr. Dobbs' boat. The men get their drinks and pass the rumor around. Peter steps away from the bar and tells one of Dobbs' employees that, in case he needs to make a quick escape, there's a plane ready to go at the airport. Meanwhile, Neal and Moz place the painting of the empty safe on an easel by the so that, from a distance, it'll look like the safe has been emptied. But before they can make their exit, a strong wind blows through the window and breaks one of the ships in a bottle. They realize Neal won't have time to crack the safe.
Neal comes up with a new plan. Meanwhile, Collins goes to Maya's place and tells Maya he knows that Neal is still on the island. He then plays on her greed by offering a huge sum of money. Maya looks torn for a moment, but then admits she knows where Neal is. At the party the two official men confront Dobbs about the Esmeralda being fueled up and money being loaded onto it. Dobbs assures them that none of that is true. The men then ask why his regular bartender is being questioned by the American authorities about the money, which confuses Dobbs even more. He assures them their money is safe and offers to show them the safe to prove it. Once they get to the room, Neal and Mozzie have put suitcases into the room and packed his ships in a bottle and the safe was exposed but not open.
Dobbs, panicking, tells the men he did not do any of this. But then the party slams to a halt when Neal walks in and loudly announces to all of the guests, and one of the men, who is the top cop on the island that, he is Neal Caffrey, wanted by the government, and that Dobbs turned on him after he paid him for safe harbor. The cop grabs Dobbs and Neal goes on to explain that Dobbs was going to leave while the cops were distracted with catching him, and that Dobbs is really Robert MacLeish, number four on the FBI's Most Wanted List. Then Collins enters and nabs Caffrey. Outside Neal, now cuffed, encounters Maya as Collins stuffs him into his Jeep. He angrily tells her that he hopes her betrayal was worth it. Before Collins drives away, Neal smirks at Maya in the side view mirror.
Meanwhile, Peter and Moz watch as Dobbs pulls up to the airstrip to make his escape. Meanwhile, Collins and Neal arrive at the airstrip just in time to meet Peter, who congratulates Collins on capturing Neal, then says that Dobbs is aboard the plane Peter chartered to take them home. He goes on to reveal Dobbs's true identity, and pitches Collins on the merits of accepting part of the credit for capturing one of the FBI's Most Wanted criminals in exchange for saying he recruited Neal to help him to do it, thereby getting Neal reinstated to the White Collar team.
Meanwhile at the office, Reese asks Peter why a map with Caffrey's location circled was found in his home and points out that he spoke to Neal on the phone. Peter says he needed to find him, so he called. Reese says that Neal's case has gone up the ladder and a lot of Peter's work is now under a microscope. Moreover, Collins is getting the credit for helping Caffrey bring in MacLeish, not Peter. Peter suddenly looks very concerned. Later a worried looking Peter tells Neal, that he's been reassigned. Neal asks what that means. Peter explains that, it means he's no longer part of White Collar. The episode ends at this point.