The Ice Man Job begins on a street in Boston, as an armored truck is robbed using explosives and the driver is shot. The driver, Joey Caspito, later tells Nate that he’s a police officer moonlighting as an armored truck driver and that he’s lost both his jobs in the scandal over the robbery. He says he was carrying $12 million in diamonds by himself because of budget cuts. Nate says that it sounds like an inside job, and the police suspect Joey.

Hardison explains the job to the team, despite Parker’s discomfort over Sophie’s absence. Jim Carrity, the man who owned the diamonds, managed to ruin his jewelry store and is very in debt. Nate explains that the insurance payment from the diamonds might be looking great right now, but Carrity won’t get the insurance money for a year or so. This means he needs to sell the diamonds, but Parker points out why he can’t. The diamonds all have a laser-inscribed ID that can only be removed with a special laser, which can only be found in three cities in the world. Nate decides that they can pretend to have one of these lasers and use this to catch Carrity with the diamonds and turn him over to the police. Since Sophie isn’t there, Hardison is going to play the grifter and Parker is going to be the ‘roper’, which entails wearing a cute dress and heels, which she accepts despite obvious doubts. Parker calls Sophie, who gives her some tips on grifting and assures Parker she won’t tell Nate about the call.
Parker successfully convinces Carrity that she’s in the diamond business using a diamond necklace she stole. She introduces him to Hardison, who’s sporting a British accent and ridiculous clothes and bling. The Russian armored truck thieves show up as Carrity’s bodyguards. Hardison calls himself ‘the Ice Man’ and takes credit for Parker’s thefts to back up his fake reputation. He tells Carrity about the laser, but Carrity refuses a deal because of Hardison’s asking price. The head Russian, however, does take Hardison’s phone number.
The whole team says Hardison went way overboard with the act, and Eliot warns him that he won’t bail Hardison out if he gets in too deep. Carrity is getting pressured by his Russian friends when Nate, acting as ‘Mr. Sterling from the insurance company’, comes to the jewelry store and tells Carrity that he needs to review Carrity’s policy. He also says that the insurance payout may take seven to nine months, much to Carrity’s discomfort.

Eliot takes advice from Sophie, just before he and Parker evacuate a lab by pretending to be OSHA and saying that the lab is contaminated. They hide the biohazard gear before Carrity and the head Russian arrive. Hardison is fashionably late, and explains the laser. Parker and Hardison trade a fake diamond for the real one, but since Carrity is only looking for the ID number, he doesn’t notice the switch.
Carrity leaves, but since Hardison bought a ridiculously ostentatious car, Parker hitches a ride with Eliot. A good choice, as it turns out, because Hardison is kidnapped by the Russians, who want Hardison to help them steal and clean Carrity’s diamonds. They think he can break into Carrity’s heavily fortified vault because of the fake reputation he built for himself. Hardison convinces them to let him call his girlfriend, but calls Sophie instead. She chides him for overacting and gives him a few tips for dealing with the Russians, then calls Nate.

Hardison gets the leader to tell him their plan, which is ‘blow through the floor of the vault’, and convinces them to drop it because Parker explains that the explosion would set off the vault’s seismic sensor. Hardison promises that he can get them into the vault, which leaves Nate trying to figure out a new plan. Nate goes to the jewelry store and uses the insurance claim as an excuse to inspect the vault. Nate relays the information to Hardison, who explains it to the Russians. Parker comes up with a way into the vault, and Nate uses hairspray to disable the heat and motion sensors.

That night, Nate distracts Carrity when he shows up unexpectedly. Eliot takes out the guard and pretends to be one himself, and Parker begins breaking in. Nate tries to solicit a bribe from Carrity to distract him from the cameras on the vault. Parker breaks into the vault when Hardison and the Russians arrive, and Hardison pretends to beat up Eliot. Parker writes the combination for the vault on the side in invisible ink. Parker avoids the floor sensors by swinging on the pipes on the ceiling, and works on turning off the floor sensors while Hardison starts breaking the combo. Eliot warns Hardison to go slowly, but Parker doesn’t have enough time to get out before Hardison opens the vault.

When they rush into the vault, however, Parker isn’t visible. Hardison has to improvise opening the safety deposit box because Parker didn’t have time to open them. Carrity tries to throw Nate out and sees the break-in on the monitors, bringing him running to the vault. Hardison warns the Russians about Carrity and disappears while the leader and Carrity fight. The vault door closes, and Parker and Hardison escape using the explosives through the floor of the vault the way the Russians had originally planned. As expected, this sets off the seismic sensor, which fills the vault with fog while the team escapes.

When the police arrive, they find Carrity and the Russians in the vault. Carrity tries to brush it off as a false alarm, but the open deposit box is filled with the missing diamonds, right where Carrity had put them. The men are arrested, and the team gets away scot-free.

Joey Caspito tells Nate that he’s been let back on the police force. Nate informs him that Carrity and his men were arrested for insurance fraud and theft, and gives Joey the money from the diamond Hardison switched out to pay for his medical bills. Hardison tries to get a hug from Eliot, and Nate finally gives Sophie a call. Nate apologizes for letting the team bug her, and tells her that she can call whenever she want, then awkwardly hangs up.

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The Two Live Crew Job begins in the bar below Nate’s apartment, where an elderly brother and sister who reclaim art from Nazi-occupied countries tell Nate and Sophie about a painting their father once owned. They have tracked the painting to a rich executive who has bought it on the black market, but refuses to give it to them. Nate tells them the team can get them the painting.
Nate and Sophie distract the secretary at the executive’s company while the rest of the team cuts through the wall behind the painting. However, the painting is stolen by another team just before they get there, and the Leverage team is left with one of the Dogs Playing Poker. The other team managed to avoid the pressure sensitive floor and the encryption system, which Hardison said would be incredibly difficult. While the Leverage team makes a hasty retreat, Sophie is recognized by one of the members of the opposing team.

The team meets to determine their next move, but Sophie is missing. However, she has a good reason: she’s holding a motion-sensitive bomb disguised as a vase of flowers. Parker stabilizes the bomb using instant pudding, and Eliot tells Sophie the best way to get away: drop it carefully and run. The team leaves and Sophie drops the bomb, blowing up her apartment.
Eliot, Parker and Hardison all give short speeches about their late friend, Katherine. Nate and Eliot scout out the mourning party for the bomber, and Sophie recognizes an old partner-in-crime.
Sophie tells the team about Marcus Starke, a grifter and forger Sophie used to work with, much to Nate’s surprise. Sophie explains Starke’s method: he makes a team and does one small job to streamline it before doing one bigger job. Sophie thinks Starke tried to kill her because she’s a good guy now and she knows his favorite scam: stealing a painting from an auction, and then selling several forgeries. Using Sophie’s knowledge of Starke’s preferences, the team narrows down the target to one painting, a Van Gogh. Sophie warns that if they call the police they’ll never get the client’s painting back. She suggests stealing the Van Gogh and trading it for the client’s painting.

Nate, Eliot and Parker scout the art gallery while Hardison and Sophie wait in the van. The job goes awry when another com interrupts the Leverage team’s frequency. Hardison tracks the other person while Parker steals the auction house manager’s wallet. But someone else steals the wallet from Parker, and Hardison has difficulty hacking the other com. Hardison is losing a hack battle with the other computer geek when Eliot runs into a woman talking in Hebrew on her own com in a hallway of the auction house.

Starke meets Nate while Eliot and the Hebrew woman face off. Parker steals the wallet back from the other thief, but he pickpockets her phone. Starke confronts Nate about all the ‘nasty’ crimes the Leverage team has pulled, and Sophie warns Nate not to tell the truth; that they committed crimes to help clients. Hardison recognizes the opposing hacker as a man called Chaos. The two hackers start a computer war. Eliot and the other hitter are comparing fighting styles, judging who would win a fight, and they appear pretty evenly matched. The auction house manager realizes that his ID and wallet are gone and clears the auction house, telling his guards to triple the gallery’s security for the night. Nate and Starke stop Eliot and the other hitter before they can start to fight and the teams go to make their plans.

The Leverage team is introduced to their counterparts. Apollo is the thief, who specializes in infiltration and security. Raquel Diane is the hitter Eliot met, an ex-Mossad agent who worked as a mercenary and once killed a man with a mop. The hacker who gave Hardison trouble is Chaos, a man who has hacked the Pentagon and the NSA and is known to CIA as the Kobayashi Maru, a Star Trek reference for an unbeatable game. Nate and Starke simultaneously make strikingly similar pep talks to their respective teams. Both team leaders say that they have to steal the painting tonight, and they will get the painting ‘no matter what’.

That night Nate distracts a few security guards by banging on a door or the auction house, looking for ‘Emily’ while Eliot and Parker sneak in. Parker is in the air vents when a motion sensor is triggered, and security guards turn off the sensors when they see a bird flying through the gallery. Parker wonders how a bird got in, until she meets Apollo in the air vent, complete with an empty cage. Eliot and Raquel start fighting in the basement of the building, while Hardison and Chaos trade control of the cameras, motion sensors and lasers. Starke, acting as ‘Nathan Ford from the insurance company’, tells the security guards to be on their way and takes Nate for a walk in the park in front of the auction house.

Parker and Apollo discuss theft techniques in the air vent, until Apollo takes off to steal the painting. Raquel’s shirt is torn off during the fight, and she gets hosed down by a broken water pipe. Starke explains to Nate that the gallery themselves gave his team blueprints and security codes for the building when he pretended to be Nate. Parker tries to stop Apollo from stealing the painting, but Chaos turns on the lasers, trapping Parker in place. Chaos also turns off power to Hardison’s van, stopping him from turning the lasers off. Eliot, who has gotten soaked himself by this time, is still fighting Raquel when a police car pulls up the auction house.

Starke is very surprised when Sophie gets out of the police car, having thought she was dead. Sophie tells Starke that they are saving his life. Parker leaps, flips and cartwheels through the laser field and takes down Apollo. Hardison powers his van with a basic hand-crank machine and turns on the alarms. Parker holds a gun on Apollo and puts on a police jacket until security guards come in. Eliot and Raquel’s fight turns into a kiss, and they find themselves handcuffed together. Parker leads out Apollo from the auction house and takes the Van Gogh to be ‘dusted for prints’, and Eliot leads out Raquel, now handcuffed. Hardison, dressed as a cop, assures and compliments the security guards for their ‘job well done’.

Sophie and Nate explain to Starke that they thought he sent the bomb to Sophie, but that when he accused Nate of running a team of thieves, they realized that he didn’t have motive to kill Sophie if he thought she was still a thief. Starke is sure that she’s still a thief and says he wanted to recruit Sophie for the Van Gogh theft. He admits that he told his team he wanted her for the job. Sophie explains that the security footage from her apartment shows Chaos planting the bomb. Chaos admits that he wanted to kill Sophie because he had a perfect double-cross that would’ve been ruined if a master con artist like Sophie was on the team. Starke is very surprised when his car explodes moments later, compliments of Chaos. Sophie and Nate offer a trade: the Van Gogh and Starke’s team, and thus his reputation, for their client’s painting.

Later, in the bar, Parker and Apollo are competing at a lock-picking contest, Eliot and Raquel are comparing scars, and Starke is graciously ‘returning’ the painting the two elderly siblings. The brother and sister both thank and praise Starke, who tells Sophie that when he knew her she wouldn’t waste her time ‘being the good guy’. Nate gives Starke the Van Gogh, but it’s one of the five fakes Starke himself made to sell. The real painting, along with the other fakes, is in a check-on crate at an airport under Chaos’ name.

Sophie visits her ‘grave’, and she thinks Starke may be right. Sophie tells Nate that she’s not sure who she is anymore. She says that all of the aliases she made up were real, complete people to her. She promises Nate that once she finishes burying all of her fake identities she can tell him who she really is. Nate tries to kiss her, but Sophie walks away.