MacGyver arrives at an auto junkyard with a bar magnifying glass. It's been seven years since he and Pete Thornton first met, and Pete has set up a scavenger hunt to celebrate. He finds Pete inside an abandoned cab, looking for something beneath the dashboard. It turns out Pete didn't contact MacGyver, and he's there looking for something based on a message MacGyver sent him. They both figure that Jack Dalton is responsible, because he was there seven years ago. Pete finds a newspaper section beneath the dashboard. Inside is an obituary column, with a listing for MacGyver, Pete, and Jack. Before they can pursue the matter, a forklift slams down on the top of cab, sealing them inside. The driver then picks up the cab and puts it into the back of a semi trailer, then gets out and drives the truck away.
MacGyver and Pete quickly escape but there's no way out of the trailer. MacGyver notes that there's one man they know that likes neat little traps like the one they're in: Murdoc, who they also met seven years ago. Pete thinks Murdoc is dead but Murdoc himself contacts them over the loudspeaker to inform them he's alive and well, if scarred. He tells them they have one hour to live, as MacGyver notices that the cab is the same make and model as the one that Jack owned seven years ago.
MacGyver is helping Jack out with his new cab business by running fares. He picks up a woman, Sara, who directs MacGyver to a warehouse. Pete Thornton secretly tails them as MacGyver drops Sara off. Pete goes in after her but MacGyver notices and decides to investigate. Sara is meeting with a man and Pete tries to capture her at gunpoint. MacGyver tackles her and Sara runs away. Pete forces MacGyver to go back to the cab and pursue the woman.
Pete and MacGyver try to find something in the cab to aid in their escape, while Murdoc taunts them over the loudspeaker.
Pete explains to MacGyver that he works for DXS and that the woman he picked up is actually Murdoc, a professional assassin. Murdoc drives out into the country and MacGyver follows. A van cuts them off and two men with bazookas force them to surrender. It turns out that Murdoc is a man disguised as a woman, and he sets up a camera. Pete explains that Murdoc always takes victims of his kills, both to confirm the murder with his clients and to taunt DXS. As Murdoc gloats, MacGyver rigs a pulley device on the gas pedal out of his shoelaces, a wrench, and a paper clip. Murdoc tells his men to destroy the cab in five minutes and leaves. Once he's gone, MacGyver tells Pete to jump. When the driver's car door is opened, the gas pedal goes down and the cab heads toward the van. Murdoc's men open fire and the back blast knocks them out. MacGyver secure them with duct tape and tells Pete that he's going to have to recompense Jack for his cab.
At the hospital, Jack is recovering from a broken leg. However, he's been busy planning his new fly-by-night airplane service. All he needs to do is sell the cab to raise the funds. MacGyver is finally forced to explain that the cab is destroyed, and Jack breaks his arm trying to throttle him.
Once Jack calms down, MacGyver takes Pete to Jack's apartment to get the ownership papers. When MacGyver sits on the bed, he activates a pressure charge. Pete yanks him off the bed just as the charge goes off and straight up, narrowly missing MacGyver. Pete asks for MacGyver's help in taking down Murdoc. MacGyver is reluctant but Pete notes that Murdoc knows where he and his friends live and will come after him no matter what. The two of them agree to work together.
Pete finds the spare panty hose from Murdoc's disguise. He starts to snap under the pressure but MacGyver gets him to calm down by reminding him of how Jack took the news about his apartment seven years ago.
MacGyver finally tells Jack what happened at his apartment. A nurse comes in to tend to Jack, but MacGyver recognizes "her" from the cab: it's a disguised Murdoc. After a struggle, Murdoc leaps over Jack and escapes. He flees to a nearby building and ducks inside. When MacGyver and Pete try to follow, the police warn them that the building is scheduled for demolition any second. Before they can stop the process, the explosions go off and the building comes down on Murdoc.
Murdoc tells Pete and MacGyver that they'll be suffering the same fate. He drives the semi off the road and parks, then unhooks the cab and plants explosive charges on the trailer. He then makes one last call and tells MacGyver and Pete that the charges will go off in seven minutes.
Murdoc drives off to watch the fireworks and photograph the whole thing. Thinking quickly, MacGyver pulls out the battery from the cab, then mixes in aluminum strips from the oil can and ferrous oxide from the rusted exhaust pipe. Pete soaks the panty hose in oil and then MacGyver stuffs it into the battery. The resulting explosion blasts open the rear doors and they get clear just in time as the dynamite goes up. A furious Murdoc drives the truck at them and prepares to throw a stick of dynamite at them. MacGyver throws a rock, shattering the windshield, and a startled Murdoc drops the dynamite. Before he can get rid of it, the dynamite explodes, destroying the truck. Pete is sure that their enemy is dead this time, but MacGyver warns that Murdoc had just enough time to escape.
Back at the junkyard, the guys discover that Jack is just arriving. He explains that he got a note to find some lilies, but refused to get up before noon. He wonders what happened but when they start to explain, Jack has them wait until he can get an anniversary photo of the three of them, together.