Andrew Metzger was victimized by the IMF in a previous mission. With pictures from the casino cameras, he went out looking for Jim and found him on vacation with Barney, getting ready for some tennis. Metzger has a couple of his cronies nab Jim.
Metzger then has Barney paged and informs him of the conditions for Jim's release. The IMF must pinch an incriminating letter that Metzger's former colleague Connally has stashed away in a safe deposit box. Connally is meeting with the authorities and in just a few hours plans to turn over the letter to them in order to obtain immunity.
The IMF galvanizes into action. Casey plays an asthmatic rich woman who needs to put her jewelry in a box at the same bank. While the attendant is out getting her water for her asthma attack, she manages to put a mold into the bank key slot and copy the bank master key.
Casey then goes to the building where Connally is holed up with the authorities. Barney is already there, posing as the elevator inspector. Casey and Willy get on the elevator with Connally, and Barney stops it between floors. Casey has a claustrophobic attack, and "doctor" Willy tries to calm her. During her attack, she manages to pick Connally's shirt pocket of his box key, give it to Willy to make an impression and put it back.
Casey gets to the bank before Connally and the authorities, with assistance from Barney. He puts a small explosive in the authorities' tire and popped in along the route, following up by appearing in a taxi to give the group a ride. Somehow, he seems to be catching every light.
Casey manages to open Connally's box, using both her copied keys and the same asthma routine that worked earlier. She gets the letter and leaves the bank. However, on her way out, one of Metzger's rogue subordinates, who was monitoring developments at the bank, grabs the letter from her and manages to escape before Willy can catch him.
Barney decides to try and go through with the plan and deliver a forged letter to Metzger. Casey remembers all the details as to the address, seal, postmark and stamp, which enables Barney to create a forgery. The team deliver the envelope to Metzger, who accepts it as genuine but asks where the letter is. Barney explains that they are not dumb and will turn over the letter once they see Jim is safe.
In the meantime, Jim has managed to escape his bonds. When the IMF team and Metzger and his cronies arrive in the bomb shelter where Jim is being held, Metzger's underling joins them and shows Metzger he really has the letter and therefore expects Metzger to kowtow to him from then on. Before Metzger can shoot the IMF team, Jim sets off a commotion, which starts a big fist fight. The IMF emerges victorious, and they make their exit.