Matthew Keller returns to New York after stealing a priceless Egyptian amulet. It's up to Neal to track him and the artifact down, by enlisting the unwitting help of an Egyptologist named Raquel LaRoque. Raquel also has a penchant for smuggling artifacts out of Egypt. Neal charms his way close to Raquel, close enough to nearly take the scarab, but Keller interrupts.
Keller tells Neal that he knows about the treasure through Sara. Neal however plays dumb and claims to not know a thing about the treasure. Keller creates an elaborate plan to find the treasure by making it seem like he's already stolen it. He hopes that Neal will lead him straight to it. One of Mozzie's friends gets killed by Keller and in a fit of rage, Mozzie puts out a hit on Keller. He uses one of the paintings from the collected treasure trove in order to payroll the bounty.
Neal and Mozzie manage to lure Keller right into Peter's waiting grip, but Keller escapes. Neal is angry at Mozzie for selling off one of the items from the manifest, and Neal finally confesses to Mozzie that he still has a copy of said manifest. Mozzie feels betrayed that Neal didn't share this information with him. The two disagree on whether they should attempt to recover the painting.