Open with an art heist being sniffed out by the police. Neal appears to be the "inside man," and is taken into custody along with the other crooks. A police chief named Myron doesn't seems interested in Neal's explanation that he's with the feds, and it takes lots of coaxing from Peter to get Neal released.
Back at headquarters Peter tells Neal they believe Alex was the behind the heist. She'd been arrested recently, but released in time to be behind this attempted robbery. Neal tells Peter he didn't know she was in town, but Peter wants him to touch base and see what her involvement might have been.
Diana's been quietly looking into Sam on Peter's behalf. He tells her about Neal's father being a dirty cop.
Mozzie is freaked out that Alex is going to kill them because they stole the sub she'd been after her entire life. Neal gets a Betamax video in the mail. It's from Ellen, something she'd asked the Marshals to get to him 30 years ago in case they were ever separated. Neal thinks he should watch the tape with Sam, which seems to bother Mozzie.
Alex drops by Neal's place. He tells her the feds know she's back in town. She says she's not planning another job and the two agree to meet for lunch.
Peter tells Neal the FBI followed Alex to a meeting with somebody who might be the "puppeteer."
Mozzie drops by Peter's place and tells him about Neal's relationship with Sam and the tape. Mozzie doesn't trust Sam and thinks he might be dangerous. Thinking it is a file on Sam, Mozzie sneaks a peak into a folder Peter's brought home.
Neal and Alex return home from lunch with Peter and Jones watching from afar. They spot Mozzie on camera breaking into Alex's room. He got the address from Peter's file and thinks this is Sam's place. Peter rushes in to pull Mozzie out. Once Mozzie realizes his mistake he begins to help Peter look for information about who Alex might be working for. He finds an envelope in a bag.
At this point Neal and Alex are upstairs, just outside the door. Jones tells Peter. He and Mozzie quickly hide in a bathroom.
Neal and Alex have a glass of wine on her balcony. She tells him about what she's been up to, still very bitter that he left her hanging. But things seems to be going well. Peter sends him a text and Neal pretends to spill wine on his shirt.
In the bathroom Peter shows Neal pictures of artwork from the folder Mozzie found. It is from a Greek exhibit at the Hellerman gallery.
When Neal returns Alex notices he never cleaned off the wine. She thinks he was trying to look through her stuff and tells him to leave.
Peter and Mozzie tell Neal they've been in cahoots about Sam and the tape. Neal is furious at them both.
The man Alex is working for seems to be a man named Spiteri, a higher up with the Greek government. They think he's commissioning the thefts in the name of returning "national heritage." The plan is for Neal to try and get Alex to roll over on Spiteri.
Neal tells Alex that Peter knows about Spiteri. She says Spiteri came to her when she was in prison, telling her it was the only way for her to get out. Neal thinks they can get her "out of this" but continuing with the Hellerman job.
Peter apologizes for looking into Sam behind his back.
The plan is for Neal and Alex to steal the art from the Hellerman, with the feds following them to Spiteri.
Neal and Alex enter the Hellerman, with Neal pretending to be an artist. With help from Mozzie posing as an agent they trick the curator into letting him have camera-less access to one of the galleries. Neal pretends to add a piece of spray-paint art to one of the walls while Alex works on the security. They remove the artwork and move it to the truck.
But at the truck Neal finds Alex gone and Myron waiting with his men. This time Myron won't let Neal out of custody.
After Peter bails him out Neal says he thinks Alex intended for the job to be botched. There is word that Spiteri still rented a freight plane. They realize that the art from the two botched heists is at the NYPD evidence lock-up and are quickly sent footage of Alex stealing all of it. She set the entire thing up from the beginning.
Peter and Neal follow Alex' truck with Jones helping them via the radio. The stop the truck but find it being driven by Spiteri. The truck is empty and Alex is nowhere to be found. Neal says "She's gone, Peter."
Neal returns home to find Alex at his place. She says if she couldn't have "the treasure" she wanted "a treasure." She says they're even and leaves.
Neal tells Peter and Mozzie he wants to watch Ellen's video with them.