The episode begins with word that a U.S. Senator named Terrance Pratt is the reason Flynn was moved and subsequently killed. Pratt it is revealed was on the police force in D.C. the same time as Neal's father. As it turns out, Pratt will be in New York this week and Peter plans to invite him to talk about the Flynns and get some relevant information out of him. Neal and Peter open up Ellen's file from the Marshals. Inside they find a strange key and Neal suggests they let Mozzie have a crack at it, as he can probably find out its relevance. Jones is assigned to help Mozzie with the key. Mozzie isn't at all thrilled about this, as he has an aversion for cops.
Pratt on the other hand doesn't give Neal and Peter much to work with, as he doesn’t reveal much during their meeting. Out in the office Neal manages to sneak a peek at Pratt's schedule. Peter then asks Pratt about Bennett. Pratt says he was Bennett's captain and "ultimately he was a lost cause", but again doesn’t reveal much else. Peter later tells Neal that Pratt knows they're on to him and hence he is being cautious and not revealing much. Peter feels they might have to try a different approach with Pratt, as simply talking to him and getting information out of him doesn’t seem viable. Hughes later meets with Peter at his home. Peter wants to tap Pratt while he's in town, as it’s the best opportunity they have. Hughes tells him to be careful with Pratt as he can prove to be really dangerous.
Elizabeth too is concerned about the whole issue, when she hears what Pratt is all about. As a part of Peter’s plan Diana is planted in the high-end barber shop where Pratt is getting a shave. While she works they switch out the SIM card in his cell phone, narrowly avoiding detection when Neal's phone receives an ill-timed call from Mozzie. A camera is placed in his briefcase, so all his movements can be monitored. Pratt later meets in secret with a real estate developer named Cole Edwards who is also one of his larger donors. Mozzie and Jones on the other hand meet with an eccentric "key master" named Zimmer. He gives them a riddle and asks them to return the following morning with his fee.
Peter tells Neal and Diana over the phone that he's returning with information he thinks will uncover the illegal nature of the Pratt/Edwards relationship. On the way he finds his car has no brakes much to his horror, he then ends up getting t-boned in an intersection, owing to the fact that he loses complete control of the vehicle. Later, at the hospital it is shown that Peter has hurt his arm in the accident and is still unconscious. A visibly worried Elizabeth gives Diana his files and asks to talk to Neal alone. She says she thinks what happened has something to do with Neal and his father. Elizabeth wants his help in figuring out things and Neal's tells her about the key, which they found earlier. She wants him to handle that part of the process by himself and asks him to lie to Peter about the whole thing.
Neal later tells Mozzie about the conversation with Elizabeth and the predicament he is in, as he has been told to lie to Peter. Diana and Neal realize that Peter figured out that Edwards's paperwork revealed the fraud he was undertaking with Pratt. They later tell Hughes that Edwards is swapping out cheap material to make millions and is doing so with Pratt’s help. The plan is to get Edwards on fraud and while they are at it try and flip him to get to Pratt. Neal will be posing as an architect, as a part of the plan. Neal then meets with Edwards. During his conversation Diana sees that Pratt is arriving. She immediately springs in to action and does her best to distract him by pitching a position as his personal stylist. Neal in the meantime comes to an agreement with Edwards just before Pratt shows up. At the hospital, Peter on the other hand wakes up.
Mozzie in the meantime has to give Zimmer one of his toys in payment. In exchange he tells Jones and Mozzie almost nothing about the key, much to their dismay. Jones leaves to report his findings to the bureau and then Mozzie gives the Zimmer the real key, which he had been hiding all along. He looks at the key and tells Mozzie the key is "something special". Mozzie leaves and it is shown that Jones had been hiding, as he had suspected Mozzie was up to something. He walks back in and asks Zimmer to tell him what he told Mozzie. Jones then visits Peter in the hospital and tells him what Mozzie tried to pull. Peter is visibly surprised to hear it. Jones says he's convinced Neal was in on it too. Neal and Elizabeth come into the room just as Jones leaves.
After Neal leaves, Peter tells Elizabeth that Neal is lying to him about the key and he is visibly baffled as to why Neal is doing so. Diana calls Neal with word that Pratt and Edwards have approved his building plan, which in other words means their plan was a resounding success. This then allows them to bust Edwards and subpoena his financial records, which can now be scrutinized for irregularities. Hughes tells Edwards he's looking at significant jail time and offers him the chance to flip on Pratt, in return for a lighter punishment. Edwards on his part doesn't go for the offer made by Hughes and decides to let the law take its course, much to their surprise. Neal realizes that Edwards is so nonchalant about the whole issue because he's counting on Pratt to bail him out.
Later, Peter and Elizabeth watch Pratt publicly distance himself from Edwards, which is totally opposite of what Edwards had expected. They then see via the briefcase cam that Neal has shown up to meet with Pratt. Neal accuses Pratt of public corruption, but Pratt seems unperturbed. Pratt instead says he knows Neal's back story, then Pratt tells him his FBI division is undergoing "restructuring". After watching this Peter's phone rings. It's Jones telling him that Hughes is being forced into early retirement. In other words the restructuring Pratt was talking about has already begun. Later, Hughes who is clearly not happy with what has happened tells Peter to "get the bastard" and then walks out past his team. He stops and thanks them for their work. Hughes also has a kind word for Neal.
Hughes asks Neal to take care of Peter. Peter is really unhappy with what Pratt has pulled and tells Neal that getting Pratt has now become personal for him, as well. Mozzie and Jones later tell Neal and Peter the new riddle from the Key Master. Both Neal and Peter figure out that the key itself is a map. Neal concludes he's the only one in possession of this information. The episode ends at this point.