Minutes after Neal's tracking anklet pings at HQ, the FBI bursts into Neal's apartment to find it empty. To Peter, it looks as if his CI has finally flown the coop, but when Mozzie convinces the wary Suit that something else is afoot, Peter is forced to turn to an unexpected source to help find his friend.
At the same time, Neal sits strapped to a chair in an empty warehouse, held hostage by Jim Booth, Rebecca's unseen accomplice in the diamond heist. It turns out that Booth had planned to double cross Rebecca; stealing the diamond was to be his audition for the Pink Panthers, a shadowy organization rumored to be the greatest thieves in the world. Unfortunately for Booth, the price for not delivering the diamond is his life, and now he wants Neal to steal it from the FBI - or else. Sensing opportunity, Neal convinces Booth that he doesn't need the diamond to impress the Panthers if he pulls off an even bigger heist...with Neal's help, of course.
Now, while Neal and Booth plot their caper, Peter and the FBI use Mozzie's help to track the heist from the other side. It isn't long before the FBI is in position to take Booth down and save Neal, but it soon becomes clear to Peter that Neal is thinking bigger than nabbing just one criminal - he's putting himself in position to infiltrate the Pink Panthers themselves. All he needs is a little space to pull the heist as planned - that is, if the duplicitous Booth sticks to the program. But can Peter truly trust Neal's intentions, or is his CI dangling a target as tantalizing as the Panthers in order to obscure an alternate agenda?
