Two jockeys in England collapse from adrenaline overload after their long-shot horses win their races, and Artie's excuse for not going with Jinks and Claudia to investigate is that Mrs. Frederic is stopping by on some Regent business. Claudia raises an eyebrow at Jinks's nervousness at this news, but it isn't until they're about to question the owner of both horses that Jinks reveals he's been keeping an eye on Artie for the Regents. They manage to sweet-talk the owner into letting them see his research on the horses just as a third jockey, also riding a long-shot, goes down.
Myka and Pete are investigating the death of a man who fell from heaven - or at least it looked that way to the golfers whose cart he landed on. His autopsy shows that he was dead before he landed, probably from altitude exposure, and when a second body turns up, it seems a connection may lie in their contact with a magician, Val Preston. When they interview the showman, however, he lofts into the stratosphere just as the first two victims did.
The agents find another connection in a different magician - Monty the Magnificent, an elderly man who believes he's found real magic, giving him the power to levitate people. Myka and Pete tell him that whatever object he's using may have dangerous side effects, but he insists there's no object - they'll just have to come to his show to see for themselves. Monty says he'll levitate himself, but when Pete floats, instead, Monty gets scared that he can't control it. His granddaughter, Rose, sends Pete and Myka on a wild goose chase while she convinces Monty to give it one last try at Val Preston's big outdoor extravaganza - Val will be absent, obviously.
Artie confirms their guess that the artifact is the medal of St. Cupertino, and they hustle to the show to stop Rose - who's using the artifact surreptitiously to make her grandfather believe he has real magic. As Rose - the levitator, at her own insistence - floats into the air, Pete begins to float, too - using it a second time is what keeps it from being a fun trick and turns it into a deadly stunt. Pete propels himself in Rose's direction and convinces her to let them down. Myka bags the artifact, and Rose comforts her broken-hearted grandfather. He seems inconsolable, but Pete and Myka figure he can maybe keep the secrets of the Warehouse, and give him a private tour.
Claudia has found that all three horses had vet visits just before they raced, and the injuries were reported by the same stable boy. Jinks catches him and tells him what's going on, and allows him to go free after he admits that the artifact is a small piece of saddle blanket once owned by Sitting Bull. Claudia nabs it in a hijack-style tandem ride with a jockey, catching the attention of Charlotte DuPrix, who snaps a photo of Claudia and sends it to an unknown accomplice.
Artie has been butting heads with the new owner of the B&B, Abigail Cho, who was hired by Mrs. F and the Regents to set her psychotherapeutic skills on Artie. Mr. Grumpy-pants objects fiercely to the imposition, but eventually sees reason in the choice, and gratefully unburdens some of his woe with the help of Dr. Cho.