Information on U.S. missile control centers has been stolen and turned over to Valentin Yetkoff, military attache and agent of an enemy power. The IMF must keep Yetkoff from confirming the information and in fact lead him to believe it is false. They go after Yetkoff's main man, The IMF recruit a Presidential aid and his wife Susan, and Susan woos Toland and lets him see she and her husband have top-secret papers relating to the missile centers. Toland kills Susan with an overdose and photographs the papers, but the IMF revives her just in time. Phelps presents himself to Yetkoff as one of the agents' underlings and gives Yetkoff proof that the stolen information is correct. Yetkoff finds out Jim is isn't who he pretends to be and believes therefore the information must be incorrect. When Toland presents his own proof that the stolen information is correct, Yetkoff believes he is an enemy U.S. agent and has him killed, then informs his superiors the information they stole is false.

Jim and a female agent pose as scientists who have invented a new drug in order to replace a real drug that turns people into willing slaves.

As Barney taints the water system with a mind-numbing drug, Jim is captured and put on trial, where he must discredit an enemy scientist.

Alexander Vanin, arrested and convicted for espionage, hid a list of agents operating in the U.S. His control, Mishenko of the EEPR, has been ordered to get the list but Vanin refuses to give in because then Mishenko would cut him loose. The IMF must get the list. Vanin hypnotized himself to forget the list's location and only his wife Olga can give the trigger command to let him remember. Jim gets Olga to the U.S. while Barney and the others clear out the EEPR Consulate with a bomb ruse and then take it over and stage a party where the reunited couple meet (while Mishenko waits across the street for Barney to defuse the bomb). The IMF fake partygoers sneak out and Mishenko shows up to find Vanin there. To prove his loyalty and that he didn't talk, Vanin has his wife give the trigger, unaware that the IMF are listening in and get to the bus where Vanin hid the list before Mishenko can.