The episode starts with Ross surprised after Joey told him he likes Rachel. Ross thinks of it as a big deal.
At Central Perk, Phoebe comes over to Rachel and Chandler to tell them that she has found Monica's soul mate. An upset Chandler tries to deny the fact there is a better person for Monica than him.
Monica enters Ross' apartment to tell him he should stop worrying about Joey liking Rachel. She tells Ross that Joey thinks Ross hates him. Ross tells her he doesn't hate him but is just upset.
Back at Central Perk Phoebe introduces Don (Monica's supposed soul mate) to Monica and Chandler. Don and Monica get on great together having lots of things in common. Chandler is angry at Phoebe for introducing Don to Monica because they are so well suited.
Ross goes to Joey's apartment to tell Joey he isn't mad at him. The two of them have a drink and Joey tells Ross he isn't going to act on Rachel because it would jeopardise his friendship with him. When Joey tells Ross he loves Rachel instead of just liking her, Ross has a change of heart and tells Joey he needs to speak to Rachel about his love with her and that he doesn't want to get in the way of Joey's love for her.
At Central Perk Monica and Don are still having a deep conversation. Chandler tries to enter into the conversation as well but whatever he says doesn't go down very well.
Joey goes over to Rachel's apartment and asks her out to dinner that evening to tell her what he thinks about her.
Back at their apartment, a troubled Chandler talks to Monica about how he feels inferior to Don. Monica says she doesn't believe in soul mates and Don hasn't made any impression on her.
Joey and Rachel are at the restaurant where Joey tries to tell Rachel that he loves her but is so nervous that he can't quite say it. After being interrupted by the waiter Joey manages to tell her that he "thinks he is falling in love with her." Rachel is so surprised she thinks he is joking. After a short while she realizes he is being serious and becomes hesitant herself. Rachel tells him that she likes him as a friend but doesn't love him but she doesn't want to loose him either. They then vow to remain friends. The two start hugging and the scene cuts to a later time in the evening when everyone has left and they are still hugging.