Peter's boss Hughes informs Peter, Neal and Diana that Neal's old rival Matthew Keller, they put behind bars and who just was sentenced to 20 years, contacted the Department of Justice claiming he has information critical to national security. Though they doubt Keller has real information, Hughes wants them to talk to Keller who specifically asked for Neal and Peter.
Peter and Neal visit Keller in prison. After starting a new game of chess with Neal, Keller tells them that he wants to make a deal because he doesn't want to be moved to Barksdale. It's not only less comfortable, but also a problem because of the imprisoned Russian mob there because Keller has a seven-figure debt with them. Keller offers them information on a maker of forged passports in Caffrey quality in exchange for staying in his current cell. Keller's transfer is already scheduled, but Peter promises to see what he can do if Keller's information pans out. Keller appreciates Peter's candor and tells them to look up Jason Lang.
When Peter gets ready to leave home for work, he gets angry with himself when realizes he forgot to pick up the dry cleaning the other night. He never wanted to become that kind of husband. It upsets him even more that Elizabeth picked the cry cleaning herself assuming he would forget about it anyways. Even though she tells him it's okay, he wants her to criticize him. Halfhearted, She gives in which scares their dog Satchmo. They stop their fight without resolving it.
Neal meets with Mozzie to discuss Keller's motives. Mozzie wants to know if they can trust Peter not to keep Keller at Hawthorne, his current location, an Neal tells him that Keller's transfer is scheduled later that day. Anyways, Neal is on his way to the FBI office to check out the information Keller gave them. Mozzie is worried Keller could once again use Kate to get to Neal, but Neal assures him that he is over Kate and that the information about forged passports won't keep Keller at Hawthorne.
At the office, Peter shows Neal what he found out. The name Keller gave them, Jason Lang, belongs to a forger turned photographer. He is also Keller's former partner who shot Keller when their job went south. Neal wants to move on to the next case, but Peter tells him that their boss Hughes still wants them to check out Jason Lang.
On their way to Lang, the two get to talk about Peter's fight with Elizabeth that morning. Peter is disappointed with himself that he has become a constant disappointment for his wife. He adds that he didn't call her "hon" that morning which is their abbreviation for "I love you." Neal suggests to call Elizabeth right away to say "hon" to her, and Peter agrees to do so after they visited Lang.
Peter and Neal enter Lang's studio and interrupt Lang's photo session to talk to him about the passport forgeries. When Lang receives a phone call, Neal tells Peter that Lang owns just the right equipment to forge American passports which will be enough to get a search warrent. When Peter wants to question Lang about his equipments, Lang runs. Peter tells Neal to stay there while he chases after Lang. Neal doesn't stay but runs out to cut Lang's way off. However, Neal is too late to help and has to watch Peter run into a setup. One of Lang's men holds Peter at gunpoint while Lang tells him to drop his cell and his weapon and to get into the waiting van. The van takes off and Peter's cell starts ringing. Neal takes the call. It's Keller who tells Neal to play or Peter will die.
Lang and his men put Peter in a cell they built into a warehouse. When Lang and Peter are alone, Peter tries to convince Lang to make a deal with him, but Lang tells him he trusts Keller more than an agent because he has seen too many agents coming into his life and making his life harder than it is. When Peter tries to tell him that Keller is just using him and he will probably end up in prison or dead, Lang gets angry and shoots a mannequin and tells him "no more deals."
Meanwhile, Neal visits Keller in prison. Keller wants Neal to pay off his debt with the Russians after Peter did not stop the transfer. He owes them $2.5 million and Neal has to tell him he doesn't have the money anymore. However, Keller reminds Neal that he acquired something that valuable a few years ago and gives him three hours to find it before he is transfered. After his conversation with Keller, Neal calls Diana to tell her what happened to Peter.
Hughes gives orders to do all they can to find Peter, then he asks Neal about Keller's motives. Neal tells him that Keller is behind Peter's kidnapping and that he asked for $2.5 million to pay off the Russians. However, Hughes informs Neal that they don't negotiate with kidnappers and that they will get to Lang and Keller eventually. They also know that Keller wants to stay at Hawthorne, but since it's one of his requests, they arranged his transfer nevertheless. Hughes asks Diana to stay with Neal and then he assures Neal that they will bring Peter home safely if he lets them do their job.
When he has left the meeting, Neal receives a call from Mozzie who tells him someone called him to give him place and time for a meeting. Neal asks Mozzie to meet him with a hammer at Madison Square Park in half an hour. Before he ends the call, Neal watches Elizabeth enter the office.
Hughes tells Elizabeth that they all the agents are looking for her husband before he excuses himself. When he is gone, Elizabeth asks Neal about Keller. Neal tells her that Keller is a chess player who would have thought about the manhunt that is going down right now. So she asks Neal to do whatever there is to do to bring Peter back.
When Diana is walking Neal home, she is unhappy to find out that Neal has planned another stop, but Neal convinces her that he has to play along with Keller to get a lead on Peter so she agrees to give Neal an hour.
Neal meets with Mozzie in the park. He tells Mozzie it's the place where Kate and he used to come and reveals that he was planning to propose to Kate. Then he takes one of the hammers Mozzie brought and gets the engagement ring he hid on the finger of one of the statues there. Mozzie recognizes the ring which is worth enough to pay off Keller's Russian mob. Neal reveals he was holding on to it because he didn't want to lose hope. Mozzie asks him if he really wants to give the ring away, but Neal tells him that "keeping Peter alive is more important than holding a candle for someone who isn't."
Meanwhile, Peter who is handcuffed discovers the safety pin from the dry cleaning. He carefully takes the pin and tries to unlock his handcuffs. One of Lang's men comes in to tell Lang that Neal is on his way to the exchange. Lang asks if he talked to Ridgefield and his man answers that the transfer's in motion. Before Lang leaves, Peter asks him about Ridgefield who happens to be the security firm that's responsible for Keller's transfer. Peter figures that they will use whatever Neal gives them to pay off Ridgefield to let Keller escape during the transfer. However, Lang tells Peter that he doesn't care that Peter overheard them and Peter realizes they are going to kill him.
Mozzie goes to see Elizabeth. He tells her that Neal is striking a deal to get Peter home. Before he leaves, he leaves Elizabeth a listening device so she can hear what the agents who are stationed in her house hear when they hear it and doesn't have to wait for them to tell her.
Neal meets with Lang to make the exchange. However, Neal wants a proof of life before he gives Lang the ring. He even walks away from the table, until Lang gives in and allows Neal to ask Peter one question he will text his accomplice who will text them Peter's answer. Neal asks for the cellphone number he was using the first time Peter caught him. After Peter's answer, Neal hands over the ring.
After the exchange, Neal meets again with Diana who is upset he gave them the ring, but didn't get Peter. Meanwhile, Neal uses the numbers Peter gave him to decrypt a Peter's message which says "no transfer." Diana calls Jones who is with the transfer immediately to tell him about Peter's warning. However, when Jones radios the drivers, they start the escape. Keller and his accomplice get away.
After Lang has returned, Peter tries once again to unsettle him and tries to convince Lang that Keller will turn against him. He gets Lang angry who gets near the cell and when Peter has opened his handcuffs with the help of the pin, he quickly runs to Lang and knocks him out.
At the office, Hughes tells Diana and Neal off for making an exchange against his order. Before Neal leaves the office, Jones receives a call from Peter who got to Lang's cellphone. He asks for Neal to help him escape the cell before Lang wakes up or Keller arrives. Neal tells him how to short the power on the locking mechamism using his cellphone battery. When Peter is about to proceed, they locate the cellphone and Hughes tells him to stay on the line until the team arrives. However, Lang slowly regains consciousness and Peter disconnects the phone. A few moments later, Peter calls back. He got out and is holding Lang at gunpoint.
They arrive at Peter's location and take Lang into custody. Unfortunately, Keller didn't show. Peter wants to give Neal the ring back, but before he hands it over, he asks if it was stolen. Neal replies it was never reported stolen, but admits that it doesn't belong to him and suggests that Peter contacts the Scotland Royal Museum about it.
Outside the building, Elizabeth already waits for Peter. Meanwhile, Keller calls Neal to tell him he saw the surprise party, but couldn't make it. He adds he couldn't have escaped without his help and suggests to call it a draw. Before he hangs up, he tells Neal that he is starting to sound like a lawman.