The episode begins and apparently Peter has planned a vacation for him and Elizabeth and it’s a surprise. Before Peter can meet Neal and bid him goodbye, Jones pays him a visit. He it turns out has brought information regarding Ellen’s tax returns. Peter discovers that the documents at hand reveal a connection to the Empire State Building. It is the Empire State Building to which both Peter and Neal were led, by Ellen’s key earlier. Peter on his part can’t really imagine what the connection could be, because the building is really huge. He feels Neal should find out what exactly it is that is hidden in the building. Later, Peter meets Neal at Sarah’s exhibition.
The exhibition is basically of Marie Antoinette’s perfume. While at the exhibition, Peter tells Neal about his vacation plans with Elizabeth, and he needs someone to look after their dog Satchmo. Neal offers to look after the dog, while they are away. After, Neal and Elizabeth leave there is a burglary at the exhibition. Two masked people basically enter and steal the perfume. They rush out of the building and once outside see that their getaway car is blocked. Peter and Elizabeth who are in their car and are about to leave are carjacked by the burglars. While at it the burglars also kidnap them. Elizabeth throws one of her earrings out of the car window as clue for Neal. Neal and Sarah in the meantime have seen in the surveillance feed that the burglars are a man and a woman.
The man is Nate Osborn also known as Oz and the woman is Penny Chase. The burglars take Peter and Elizabeth to their apartment. Turns out, Penny fell in love with Oz while he was in prison. Penny was a subscriber of Mugshot Monthly and that is how she got to know about Oz. Oz it seems was sent to prison for assaulting a policeman, although he supposedly did not commit the crime. Oz managed to escape from prison and since then he and Penny have been together committing crimes. It’s a way for them to express their love for each other. Besides, Oz wants to keep the promises he made in the letters he wrote to Penny from prison.
Turns out, the things that they steal symbolize the items Oz mentioned in those letters. On the other hand Neal and Mozzie arrive at Peter’s to pick up Satchmo. While at it they decide to snoop around in his apartment. They as a result find the documents related to Ellen that Jones had given Peter earlier. Turns out, that was Peter’s plan all along. He deliberately wanted them to find the documents once they came to pick up Satchmo. Peter basically wants Neal to find out what Ellen’s connection with the Empire State Building is. Oz on the other hand returns home with ingredients to cook dinner. He has also brought along all of Peter and Elizabeth’s personal effects from the car.
Peter notices that his FBI badge in his coat pocket can be seen and also remembers that his gun is kept in his bag. Peter is worried the burglars might discover this. Elizabeth decides to do something about it. Basically she has to hide the badge and do something about the gun, before the burglar couple is on to them. As a part of her plan, Elizabeth tries convincing Oz to cut her restraints so she can help them with the cooking. Oz doesn’t see any harm in it and complies. Elizabeth immediately uses a sweater to hide Peter’s jacket so that his badge is no more seen. She even wins Penny trust by asking her to try on one of her dresses. The couple it seems now trust Peter and Elizabeth completely and in fact have a heart to heart with them.
Elizabeth in the meantime manages to slide Peter’s bag with the gun in it, towards him. Penny shows Elizabeth evidence that Oz was innocent. Diana in the meantime finds Elizabeth’s earring. Just as Elizabeth had hoped Diana and Neal figure out that Elizabeth and Peter are in trouble. Jones and Diana then find Peter’s car. Neal, Mozzie and Sarah on the other hand read the letters that were exchanged between Oz and Penny. They figure that these letters would provide them with clues regarding what the couple is planning to burgle next. They figure out from the clues in the letters that the one last thing that Oz is planning to steal is a piece of the moon that is kept in a museum.
Peter on the other hand is trying his best to convince Oz to let them go and then turn himself in. Penny though, wants to carry out the one last burglary, which would complete their list. After this the burglar couple wants to run away for good. Subsequently, Peter’s badge is found and hence the truth about who he really is is discovered. Oz then uses Peter’s badge to gain access to the museum for that, one last burglary. Neal and Sarah in the meantime are at the museum and their plan is to steal the moon rock before Oz can get to it. Basically, they want to steal the rock and then negotiate with Oz to return Peter and Elizabeth in return for the moon rock.
While they are stealing the rock, Oz sees the two on a surveillance camera. Oz immediately realizes something is fishy and he confronts Neal and Sarah, while holding Peter hostage. On seeing no other option, Neal tries to scare Oz that he will smash the container holding the rock if Oz doesn’t let Peter go. Turns out, Neal’s threat works, because Oz lets Peter go. Elizabeth and Penny in the meantime are in the security room. Elizabeth manages to take away Penny’s gun. Penny then runs out in search of Oz. The burglar couple find themselves surrounded by the FBI and are ready to die, if the need be. Elizabeth and Peter talk some sense into the two and convince them that their love is worth living for.
Later at home, Elizabeth and Peter have a heart to heart. Elizabeth admits to Peter that it was she who told Neal to lie to him. Peter in turn reveals to Elizabeth that he concocted a plan so Neal would find the documents related to Ellen. Mozzie in the meantime tells Neal that an employer ID mentioned in the documents is from a security company which is on the 50th floor of the Empire State Building. “Let’s get that box and bring my father home” Neal says with a smile. The episode ends at this point.