A rare episode that takes place in one building (and mostly in one room), "The Phoenix" has a great fake-out and an ingenious plot to take care of the IMF's two part problem. The phony assassination attempt is well-staged, as is Rollin's capture and interrogation. Jim arrives as the interrogator and eventually Cinammon is brought as a co-conspirator.
Where the episode lags is the scenes of Barney and Willy working to prep the sculpture for explosion. Usually Greg Morris conveys a lot of tension and suspense in these dialogue-free scenes, but both he and Peter Lupus are hidden behind ski masks for the entire time. The routine of "be quiet, a guard's coming!" gets old very quickly.
But the ending, when Prohash is caught after the explosion, makes up for the meandering scenes in the middle of the episode.