Contains spoilers for this episode and earlier MCU stories.
Clint Barton wants the Ronin costume back before the people hunting its former wearer can hurt Kate Bishop. At her apartment, he discovers that she is an enthusiastic admirer of Hawkeye, with little understanding of the enemies the suit attracts. The Tracksuit Mafia attacks with firebombs, forcing Clint, Kate and the dog to escape without it. They take shelter in Kate's aunt's empty apartment, but Clint's return to the fire scene reveals that the costume has disappeared.
Clint sends his children home and promises to join them for Christmas. Tracking down the missing suit leads him to Grills, a firefighter who has taken it for a live-action role-playing event. To recover it, Clint joins the game and lets Grills defeat him in staged combat. Kate pursues her own suspicions about Jack Duquesne over dinner with her mother. A fencing match convinces her that Jack is hiding his ability, and a candy from Armand's home makes his behaviour seem more suspicious. Eleanor refuses to accept Kate's accusation.
Clint deliberately allows the Tracksuits to capture him so he can question them and try to take Kate out of their investigation. Kate calls with her discoveries, hears enough to realise something is wrong and uses tracking software to find him. Her attempted rescue ends when she crashes through the warehouse ceiling and lands in front of the gang's guns. Both archers are now prisoners, and a Tracksuit reports their capture to the woman directing the operation.