A dim jewel thief waits almost seven years to fence a stolen emerald, but Pete and Mac catch him just before the statue of limitations runs out.

Ralph Kabelka, a businessman (Vic Tayback), sets fire to his plant and lets an ex-con employee take the blame. Kabelka creates the perfect alibi to cover the burning of his own business but makes the mistake of framing an ex-con, a former prison mate of Pete's.

Pete and Mac take an ocean cruise to get Harmon, a fellow passenger (Lloyd Bochner) to admit that he had his bookkeeper murdered. All the action takes place in Puerto Vallarta.