While in training for underwater Olympic techniques, Cody and Stephanie find a rare Spanish gold medallion on the ocean floor and Cody becomes obsessed to find more gold, much to C.J.'s chagrin. But things take a turn when a couple of drug smugglers happen by to retrieve a package of cocaine they threw overboard and Cody gets the bends after rescuing Stephanie from the smugglers during a scuffle on the ocean floor. Meanwhile, a pack rat causes problems for everyone at Baywatch headquarters by stealing items from Neely and the other lifeguards. When the rat steals Newman's prize wristwatch, he makes the determination to capture the rat personal and teams with Logan to help him out.