It's the middle of a heat wave, but crime doesn't stop because the mercury's rising! The nervous assistant of Elizabeth's client has suspicions that her bully of a boss, energy trader Andrew Stanzler, may have a hand in creating recent blackouts so he can gouge the city on energy costs. Elizabeth sets a time for Peter to come meet with the girl, but when Peter gets held up in traffic and their would-be whistle blower begins to get cold feet, Neal steps in to calm her - as Agent Peter Burke!
Peter isn't pleased with Neal's little fib, but much to Neal's delight, Elizabeth convinces her husband to keep their story straight or risk spooking the skittish assistant. However, if Neal is "Peter Burke," then that makes Peter "Neal Caffrey." And when they learn that Stanzler is looking to hire a thief for a mystery job, Neal begins to regret his temporary status as an FBI agent.
At the same time, Sara's trip to Argentina has put the team onto the scent of Gerhard Wagner, a German WWII soldier in whom Vincent Adler seems to have a keen interest. But when Neal notices that he and Sara are being followed, he worries that Sara's digging has put her in danger.
Meanwhile, Peter (posing as Neal) convinces Stanzler to hire him for his mystery job. With a little coaching from Mozzie and June, Peter successfully completes his mission: stealing some incriminating evidence from a partner of Stanzler's. However, when Stanzler offers Peter another job, he worries that the energy trader may be up to something more sinister...