Two scientists and their wives have been kidnapped by enemy agent Eric Stavak. If Stavak doesn't get ahold of a third scientist, the other two are useless and will be killed. If he gets the third, than Stavak will have the key to an ""ultimate weapon"" project. Phelps and Cinnamon pretend to be the third scientist and his wife and alllow themselves to be kidnapped and taken to the other two scientists and their wives. Phelps predicts an upcoming earthquake, which the IMF team goes to work and fake-implements. Phelps digs out an escape route through a storm drain, only to be shoved aside by Stavak and his henchmen as they make their escape. While Jim leads everyone out of a perfectly-working elevator, Stavak and the others are captured as they emerge onto a perfectly-intact San Francisco street.

Walter DuBruis is a criminal financier in Africa, and has made a deal with a countefeiter, Rag Tagoor. DuBruis will pass the fake money that Tagoor manufactures, wrecking the pro-Western country of Ghalea. DuBruis is above the law unless there is firm evidence, so the IMF have to put him out of business. Cinnamon tries to corner the market on a company's copper stock, interesting DuBruis by mentioning her husband has found a new vein of copper. DuBruis plans to buy the stock for himself, but needs money. Conveniently, Rollin fakes an epileptic seizure, and DuBruis discovers that Rollin is a counterfeiter. He makes a deal with Rollin to make up fake money to make up the $5 million he needs, by providing his own $3 million as a sample. Thanks to a fake machine and Barney passing out special paper, the deal goes smoothly, but Barney substitutes fake money for DuBruis' real money, too. DuBruis attracts the attention of the foreign minister by buying up all the copper shares. Told to show t

Frank Wayne is the head of the Syndicate, and by putting the Mob's ill-gotten gains in a Swiss bank account, he threatens to ruin the U.S. gold reserve. The IMF must recover the funds and put Wayne away. Jim harasses Wayne, forcing the gangster to move his records to the Syndicate's office HQ. Then Jim and Barney subpoena and grill Wayne, while Rollin studies Wayne to impersonate his mannerisms. They fake an escape for Wayne long enough for him to call his henchman, but Rollin then takes his place. ""Wayne"" then orders Barney's death. With ""Wayne"" on the lam, the Syndicate insist that he leave town, but Rollin sells them on the idea of plastic surgery...to make ""Wayne"" look like Rollin!

Rollin-as-Wayne orders the death of Jim, who is impersonating a federal investigator, without getting the approval of the Syndicate Council. With Jim's killing a a distraction, Rollin breaks into the safe at Syndicate HQ and duplicates the financial records. The Council, unhappy with ""Wayne's"" independence and the fact that the murder is attracting headlines, condemn him to death. Rollin runs, but at the last moment switches place with the real Wayne, who has received plastic surgeon to make him look like Rollin. Wayne is killed by the hitman, Johnny, and the records are used to bust the Syndicate.

Felicia Vabar, an enemy spy, has procured one of two overlays that was being sent to a meeting between NATO and a small European country. The overlays combined form a detailed map of NATO's missile defense system. Felicia has recruited Captain Cherno, head of the European country's security, to get her the second overlay. The IMF must stop her. Felicia plans to get the overlay out of a safe during an air-raid drill, but Jim beats her to it when Barney fakes an air-raid siren. Jim fires the overlay out to Rollin. Jim has been hypnotized to resist interrogation ujntil someone tries to kill him, while Rollin slips a picture of the overlay to Cinnamon who makes a fake. Rollin negotiates with Felicia, while Cinnamon (pretending to be an American embassy official) convinces Dubov, Cherno's superior, that she knows where the overlay is. As Dubov looks on, Cherno arrives there and gets the overlay from Rollin who escapes. Then Felicia arrives, buys the fake overlay from Cherno and shoots him.

Charles Buckman is attempting to gain a stranglehold on all professional and amateur sports. If successful, the U.S. will be discredited in the world athletic community. Buckman is working with Syndicate man Dan Whelan. The IMF must eliminate them. Barney takes a crash course in boxing and impersonates Richy Lamoine. Barney-as-Richy announces a comeback, and Buckman forces manager-Rollin to sign with him. Meanwhile, Jim gets a job with Whelan. But as he sneaks through an access tunnel to get to Whelan's office, Whelan and his men come down the tunnel...

Jim manages to avoid Whelan by hiding in the tunnel pipes overhead. He gets access to a list of Whelan's bookies. Meanwhile, Barney-as-Richy fights his way through a series of matches, helped by a concealed gas emitter in the ring beneath his opponents' corner. Finally Barney faces Buckman's champ Staczek, with orders to take a dive. He knocks out Staczek against Buckman's orders, leaving Buckman to be bankrupted covering the bets.