In the present day, Brock calls on the mercenary Molotov Cocktease to watch over the Ventures while he carries out a field mission for OSI. Although "Mol" feels both respect and attraction for Brock, she makes no secret of her contempt for the Ventures and what she perceives as Brock's role in babysitting them. She begs Brock to abandon his duties so they can become a mercenary team, but he refuses. After Brock leaves in a black limousine, Molotov icily explains to the Ventures that she plans to whip them into shape. Hank, enchanted by the shapely assassin, looks joyous while Dean looks apprehensive and Dr. Venture nervously swallows a "diet pill."
Inside the limo, Brock is greeted by a handler who explains the upcoming mission. Brock is surprised to learn that he is to track down and kill his mentor Hunter, who has gone AWOL with $40 million of the agency's money and a head full of secret information. After Brock reluctantly accepts the mission, the handler wishes him good luck and jumps from the speeding limo, followed quickly by the driver. Brock calmly fastens his seat belt as the vehicle hurtles off a pier and into the water. He unhurriedly swims from the sunken car towards a waiting submarine.
At the compound, Cocktease teaches the Ventures survival techniques by casually firing a submachine gun at them as they awkwardly scatter.
Inside the sub, an officer with a British accent briefs Brock further on the mission while Brock finishes a meal of lobster and vintage champagne. Colonel Gathers was last traced to Macronesia after abducting a prominent plastic surgeon. When Brock, now wearing an elegant tuxedo, asks how he will reach Macronesia, the officer indicates what appears to be a torpedo.
Molotov commands the boys to spar with each other after a brief discussion of martial arts techniques. After Dean knocks Hank down with a surprise punch, Hank stabs Dean in the foot with a pencil. While Mol simultaneously praises and scolds Hank, warning alarms begin to sound. Brock, via communicator watch, tells Molotov that he forgot to mention the Native American ghosts that haunt the compound (which is, of course, built on a burial ground); Dr. Orpheus should be able to clear it up.
Brock disconnects and dons a pair of goggles as the missile-like projectile he is inside splits open with a blast. He inflates his tux into a giant sphere and splashes down in the ocean, steering himself towards a nearby island with a small propeller.
Dr. Orpheus' brief introduction to Molotov after banishing the restless spirits is cut short by jealous Hank, who tries to hurry Orpheus out the door. Venture offers her a "nightcap" of cooking sherry, which Cocktease pointedly ignores; to his dismay, however, Orpheus accepts the invitation.
Brock reaches "Hoolang Beach" and his scheduled rendezvous with a native woman working for the Government. In true James Bond style, they decide to pass the time with sex before continuing the mission.
Another flashback reveals Brock and Hunter in disguise atop a Parisian rooftop. Gathers discusses "the rules" of assassination with Brock: first and foremost, no women, no children. There are no exceptions, even for female enemy agents. Brock suddenly spots a woman on an opposing rooftop... and she is none other than Molotov, with both eyes intact.
At the compound, the boys' training regimen continues. Molotov orders Hank to swim fifty laps, which he begins enthusiastically, and tosses a knife and GRU Spetsnaz manual to Dean. She goes to her guest room, whose windows look into the pool. Dr. Venture enters and apologizes for his earlier advances. Outside, Triana Orpheus and Kim, her friend, drop by to swim. As Dean begins describing their ordeal to the girls, Hank dives to the bottom of the pool, where he looks in on Molotov and Venture. Hank sees Molotov smiling at his father, and jumps to the conclusion that they are flirting. Still underwater, Hank screams in anguish... and then grabs his throat and sinks. Dean finally notices his brother at the bottom of the pool, dives in and knocks at the window to get Molotov and Venture's attention. As Molotov administers the breath of life to Hank, he attempts to turn the situation into a tongue kiss. Revolted by his "milk breath," Cocktease stalks away. Meanwhile Dean points out that Hank's swim trunks must be haunted by the aforementioned Native American ghosts, as Hank now has a "teepee in his pants".
Back in Macronesia, Brock tries to wake the native woman. As he shakes her, he sees a message scrawled in red across her stomach: "No more secrets. -H." Brock concludes in disappointment that his mentor has indeed turned, presuming that the Girl is dead. He quietly departs; seconds later, the woman sits up and groggily asks what time it is.
As a robe-wearing Molotov heads towards the bathroom for a shower, she notices Brock's room and enters. At the same time, Hank finds her discarded clothing in the guest room. Cocktease enters a flashback of her own, which takes place shortly after Brock confronted her in Paris. In what seems to be a recurring theme in their meetings, they alternate between combat and foreplay; she ultimately leaves him pinned to a bed in a burning room after stabbing him with the needles in her boots.
Hank accidentally triggers the blade in one of Mol's boots. It jabs him in the neck and induces a hallucination in which Cocktease seductively tells him that Dr. Venture is keeping them from being together; killing his father, she coos, is "the only way." In a daze, he grabs a machete mounted on the wall and staggers down the hallway. The ensuing scene alternates between Hank's patricidal stalking of his father and Brock nearing his target.
In Macronesia, Brock enters what appears to be the ruins of an abandoned temple, in which a makeshift operating theater has been created. Hank lumbers into the laboratory, where Venture hunches over a microscope. As Brock discovers Hunter, unconscious on an operating table, Hank menacingly approaches his father. Molotov bursts into the lab to stop Hank as the surgeon begs Brock to leave Hunter in peace. After a brief pause, Hank charges and shadows on the wall show him repeatedly striking Venture's head with the machete.
The plastic surgeon reads Brock a note from Hunter stating that he was tired of the "secrets and lies." Unmoved, Brock rips back the sheet for the kill...but finds that his mentor had disappeared in order to have a sex-change operation, which protects Hunter behind the OSI's "No Women, No Children" code of conduct; after angrily slapping the plastic surgeon, he decides to be merciful. After one last check under the sheet (and a resulting shiver of revulsion), Brock leaves Hunter to start the new life he had sought.
After the credits, Brock says his farewells to Molotov as Dean and an unscathed Dr. Venture look on. As Molotov speeds away, Brock asks Venture where Hank is. Venture explains that Hank is grounded after hitting him with a papier-mâché sword, peeing his pants and passing out. From his room, Hank tearfully watches Cocktease's departure and presses his hand to the window.
Brock covers it they show himm moving it back.