Lois is arguing with an attendant who refuses to let her into the Edward R. Murrow Press Society Presentation for Journalistic Achievements because Lois is not on the 'invited' list, and she claims to have never heard of Lois Lane. Although Lois tells her she works at the Daily Planet, the attendant still won't let her in. Chloe arrives and tells Lois that she will give her a lift home, and as the two walk to her car, Lois complains that she hasn't had a big story in a while and that the Red-Blue Blur hasn't answered her public calling for an interview.
Chloe goes on ahead to get her car as Lois stays behind to rest her feet from her stiletto shoes. As she takes them off, she hears Chloe scream and witnesses her being mugged by A.J. and Bruno Mannheim. Lois whacks Bruno with her stiletto heels before kicking A.J. down; however, Bruno escapes with Chloe's bag and car, which contains her laptop. A beaten A.J. sarcastically asks Lois if she's some sort of superhero, to which Lois replies, "Call me Stiletto."
At Metropolis General Hospital, Chloe is on the phone with Davis, saying that she will get home soon and to stay in the basement, when a nurse advises her to stay and get checked. Chloe politely refuses. Then Clark arrives to see if she is okay and wonders where she has been recently. Chloe tells him she is fine and that she has been doing work for the Justice League and that she needs him to get her laptop back as it contains files on the Justice League that are encrypted, but potentially hackable. She then explains to Clark that she and Lois were saved by the mysterious 'Stiletto'.
At the Daily Planet, Lois is talking to Randall Brady, asking him to print her story about Stiletto but he refuses, saying that he won't publish anything without photographic proof and tells her to get some. Clark arrives and asks her about Stiletto as he picks up her story and notices a lot of quotes from Stiletto herself. He is surprised when Lois says she has her phone number as well. Clark asks to be put into contact with Stiletto but Lois says she can't, and suggests he talk to the thug she captured.
At the Ace of Clubs, Bruno walks in and asks the new bartender Jimmy Olsen for a drink. Jimmy asks him to ask the boss for an advance on his wages as he needs it for something, and Bruno says he will see what he can do. Ricky then approaches and tells Bruno the boss wants to see him. They go to a backroom, where counterfeit money is being made using kryptonite, and the boss Ron Milano asks Bruno what happened. He says that they no longer need to mug people and that they are going for high-ended crime, but Bruno says that they need to run the streets and that the heroes need to be shown who is in charge. With that, he shoots Ron dead, and announces he is taking over the business.
Lois busily works on a sewing machine in her apartment, making a costume out of leather.
Now dressed in her new costume, Lois meets Jimmy, who she has asked to take photographs of her as Stiletto and agrees to pay him. Jimmy, at first, laughs but agrees and takes the photos of her and asks why Lois is making up a hero story. She replies that the Red-Blue Blur will want to meet Stiletto and when he does, Lois will get his story and interview.
Clark arrives at the Isis Foundation and tells Chloe the mugger has already made bail. Chloe tells Clark the Red-Blue Blur has a fan site in which his fans think that he and Stiletto should get together, but Clark says he doesn't need a sidekick.
In an otherwise empty office, Clark and Lois are both at their desks, with bags close by in which they keep their costumes, while they listen in to police scanners. Lois asks Clark why he is working late, and Lois admits that Clark is doing better than she expected at the Daily Planet. Just then, a robbery is reported happening, and both make their excuses to leave.
At the Ace of Clubs, Jimmy arrives late for work. Bruno and A.J. notice he has his camera and take it away from him, admiring it before recognizing Chloe and Stiletto in his pictures. A.J. then shoves Jimmy onto the balcony where Bruno beats him, demanding to know where Stiletto is, before hitting him with the camera so that it falls over the balcony rail into the street. Bruno then tells A.J. to find out who Chloe is and tells Ricky to decrypt the laptop.
Stiletto arrives at the jewelry store to find the Red-Blue Blur has already been there and captured the criminal. Stiletto then shouts out to the Red-Blue Blur, but Clark the reporter arrives behind her, asking her if she is Stiletto, but then he recognizes that it's Lois. Lois tries to impersonate a British accent, but Clark doesn't let her leave and removes her mask. Clark realizes she made up Stiletto to get the Red-Blue Blur's attention, but he says that he doubts the Red-Blue Blur wants any sidekicks and that the mugger he went to question was released on bail. Lois suggests they should work together, but Clark refuses, telling her to drop it.
Chloe is coming down from her apartment to give Davis a glass of water when A.J. attacks her. She manages to break free, but A.J. catches up to her, pinning her against a wall with a knife and has started to cut her throat when Doomsday drags him away.
Later, Lois arrives and tells Chloe that the Stiletto story went nowhere and that she needs to find Jimmy so he can destroy the photographs. When Chloe questions her, Lois admits that she is Stiletto and that she did it to meet the Red-Blue Blur. Chloe suggests that maybe heroes don't want publicity and that Lois is in over her head.
Lois asks Chloe if she has ever questioned her integrity, which causes Chloe to realize that she is doing precisely that by hiding Davis. Chloe seems ready to confess her secret to Lois, but instead tells her Jimmy took a job working at the Ace of Clubs.
Clark arrives at the Ace of Clubs and, using his super hearing, hears the flicking of the counterfeit money and Bruno talking. He super speeds into the room but the kryptonite-laced money weakens him, causing him to slow down and allowing Bruno to see Clark, and he punches him to the floor, from where Clark notices Jimmy who is unconscious in a corner.
Lois arrives outside in her car and sees Jimmy's smashed camera on the ground. Thinking quickly, she heads onto the roof and finds a skylight, through which she sees Bruno kicking Clark. She tries calling 911, but her battery dies. Realizing what she has to do, she puts on her Stiletto mask and jumps through the glass, kicking Bruno, and sending him flying across the room.
She notices Jimmy and goes to check on him, but Bruno comes to and draws his gun, preparing to shoot her. Clark, weakened by the kryptonite-laced money, calls to Lois to warn her, and just as she turns around, the bullet is fired. Clark summons up the strength to make a mid-air jump and sail in front of the bullet, protecting Lois and getting shot in his side in the process. Bruno prepares to shoot Lois again when Jimmy tackles him, knocking his gun away, and they tussle until Lois smashes Bruno over the head, knocking him out. Both of them run to Clark's side, with Jimmy dialing 911 and a crying Lois asking Clark why he saved her. Clark tells them to get him out of the room so he can get away from the kryptonite, so Lois and Jimmy support him as they drag him away.
Chloe takes two large garbage bags, full of the remains of A.J., and puts them into a dumpster at the back of the Talon. When she notices the blood on her hands, she drops to her knees and begins to cry.
The next morning at the Daily Planet, Clark is pretending to be still recovering from his gunshot wound when Lois brings him a breakfast and has done his photocopying, to show her thanks for having taken the bullet for her. Clark is flattered and Lois admits that her enthusiastic journalism personality got the better of her but that she is no longer Stiletto. She then takes one of his pastries, and they talk about her front page story in that morning's paper about the arrest of the mobsters, and they thank each other for saving each other. As they continue to chat, she also takes his other pastry, saying he wasn't going to eat it anyway.
In a seedy part of town, Jimmy meets his drug dealer to buy some morphine and he pays him from a large wad of the counterfeit money Mannheim was printing in the basement of the Ace of Clubs.
Chloe is making a meal in her apartment when Clark comes in to return her laptop. Clark asks who she's expecting and Chloe claims she's started baking as a reaction to stress and the loss of her computer. Clark doesn't believe her, but Chloe insists she's fine. He assures her he's there for her if she needs him, but Chloe says that with all that's happened over the past few months, she just needs some space.
Lois has received a note from the Red-Blue Blur offering a meeting and she goes to the meeting place. As she stands waiting, a nearby pay phone rings, so she answers it. The caller identifies himself as the Red-Blue Blur. When Lois questions his validity, he super speeds by, dropping off the newspaper with the article Lois wrote, requesting to meet him.
Using a voice scrambler to disguise his voice, Clark admits there's probably a better name than 'Red-Blue Blur' and suggests she find one. He tells her she's a great reporter and doesn't need a gimmick, but Lois says she doesn't want the story, she instead wants to know what he needs. She tells him that being super can't save him from loneliness, and that if he ever feels lonely, he can call her for a "personal" conversation. Clark tells her that she'll be the first to know when he decides to tell the world his secret. As they hang up, Clark is watching Lois from a nearby rooftop, and smiles at this new side of her he's just discovered.