The episode opened with Michael and Fiona looking over the pictures of the bomb that Michael took. They reached a dead end with all their leads on finding the bomb maker. Fiona said she had a contact name Armand who might be able to help.
Armand offered to trade the information Fiona wanted for a very specific truck of ammunition. Sam and Fiona worked to steal the truck while Michael and Jesse went with Agent Pearce to the Caribbean to “snatch-n-grab” a man name Cahill who has been selling secrets.
When Michael, Jesse, and Pearce grab Cahill they found their exit cut off so they posed as an internal security force for the company Cahill worked for and conned the commander of the island Vanderwaal that they were on his side.
Fiona and Sam managed to steal the truck, when Fiona gave it to Armand he admitted that the ammo was meant for a competitor of his and its theft would mean the guys death. Michael managed to convince Vanderwaal that his boss was the leak that they were sent to find and Vanderwaal shot his boss and took over.
Vanderwaal demanded that Michael, Pearce, and Jesse setup a meeting with their boss to me him, they were happy to do so as Vanderwaal walked right into the CIAs hands where they got the files Cahill had sold Vanderwaal.