Joey Rand (Tommy Sands), a lounge singer headlining at the Ilikai Hotel, is also a cat burglar. He rappels down from the roof of the hotel and breaks into a customer's room via the balcony and steals jewels and other valuables. Later, he takes these items and puts them in the trunk of a car and leaves the key in the car's ignition.
We cut to the hotel's nightclub, where Joey sings "It Only Takes a Moment."
McGarrett arrives at the burgled room, where he meets Jim Krouse (Ed Sheehan) from the hotel. The value of the stolen jewels was in the neighborhood of $30,000. McGarrett tells him this is the fourth such robbery on Oahu. There have been others on Maui and Kauai.
In the club, Joey sings "This Land is Your Land." After this, in Joey's dressing room, his assistant/dresser, Paul Aliwa (Bob Random) tells Joey that his girl friend is fogged in on Maui and and that her roommate Sarah Turner, who works as a cocktail waitress at the Golden Anchor, is "gonna take care of the gig." Joey phones enforcer Nimo Linkoa (Clayton Naluai) and lets him know about this change. Linkoa tells him "We can't afford mix-ups in our business."
When Linkoa arrives at Sarah's place, he finds that she has split for the airport to take a flight to Los Angeles with the stolen jewelry. Linkoa confronts her just as she is on her way to board the plane and strangles her. This is witnessed by Ming Lu, an old Chinese man (Arthur Trask). A security guard soon shows up, alerted by Sarah's screams, but it is too late – Linkoa has fled the scene.
When Five-O arrives, some of the jewelry which spilled on the ground is linked to the haul from earlier that evening. Chin Ho is assigned to see if he can get information out of Mr. Lu (Saigun Wong), who does not speak English.
McGarrett goes to Sarah's apartment, where he talks to Valerie Michaels (Sandra Smith), Sarah's roommate and Tommy's girl friend. Valerie, who operates the Sun Tour Agency and just got back to Honolulu from Maui, says she didn't see Sarah since noon. When a cop accompanying McGarrett who checked Sarah's room suggests it "looks like she moved out for good," Valerie is confused. She tells McGarrett she doesn't know anyone who would have wanted to kill Sarah.
At the club, Valerie says that Sarah's death is Joey's fault as well as hers. He tells her, "I'll write and tell my creditors it's over now: 'You can whistle for your dough'." He is confident he can pay off his debts because he has a new record coming out soon which will be a hit and his career will "really start taking off." He continues: "Then I can go to those hoods and offer them a piece of my action, anything to get them off my back." He tells Valerie that nobody made Sarah open the bag. "Nobody made her try to get off this rock with the whole bundle. She gambled. And lost."
Joey tells Valerie that his manager Lou is getting lots of large offers from places like L.A. and Las Vegas, and "he's turning them down. He's gambling that this record's gonna take off on the charts and we're in orbit." Joey soon expects to be making "two, three, five thousand a week." He tells Valerie that he loves her.
McGarrett and Kono go to talk to Linkoa and a couple of other thugs, who don't react well to their presence, with the result they are punched out and arrested. Valerie freaks out because Five-O wants her to come to the police station to view a lineup. Mr. Lu can't find Linkoa in any of the mug books, and when he is asked to view the lineup, he suddenly gets cold feet. McGarrett tells Chin, "Talk to him some more. Maybe he'll develop a public conscience." Valerie avoids identifying Linkoa in the lineup. She phones Joey to tell him that everything is "cool."
Joey goes to a card game, where he bets large amounts of money, all of which he loses. When he offers to write a check, one of the other players (Arthur Trask) says "I don't lend money to a dead man, Joey. There's a collector in town. He has a contract with your name on it. You're dead."
When Joey's car is found at the airport with Sarah's fingerprints in it, McGarrett talks to both Joey and Valerie at HPD headquarters along with Lt. Lou Wilson (Dusty Walker). Joey and Valerie give some excuses about how Sarah had borrowed the car and how the keys were left inside as per the beginning of the show. After they leave and Danno tells McGarrett, "I have a feeling you're not buying it," McGarrett says "Not quite."
Meanwhile, McGarrett lets Linkoa out of jail. Kono and Danno tail him to a souvenir shop which is a front for smuggling jewels off the island. Linkoa takes his "share" of the loot and, seeing Danno and Kono outside, attempts to leave by the roof. He is about to plug Danno when McGarrett shows up. He shoots Linkoa dead.
McGarrett talks to two men in the souvenir shop. The jewelry from the robberies was dropped off there by Linkoa and reset into cheap costume jewelry and shipped to the mainland. The two say they never saw the cat burglar, they don't even know his name. When Wilson asks McGarrett if he believes them, McGarrett replies, "Sure, I believe everything."
Chin reports to McGarrett that he got information from the Chicago police about Joey, who used to work as a rigger for a travelling carnival until he was 19. McGarrett says, "That's pretty good basic training for a cat burglar, isn't it?" Rand was also convicted for manslaughter, sentenced one to ten years and did three. And finally, Joey is up to his ears in debt to a mainland gambling syndicate, owing them $200,000.
McGarrett soon has a talk with Valerie. He tells her that they know that there is a cat burglar "operating all over these islands," and that each of the persons robbed used her tour-guide service, suggesting that she "told the cat burglar the room numbers and gave him information on when the people were out touring."
He goes on: "We can wrap this thing up right here and now. [Joey]'s in a bind, Miss Michaels. There's no way out. If he can't pay off the syndicate, he's dead. In fact, he's dead either way. Maybe try another hit and we'll be waiting for him. Or miss his footing. It's gonna happen sooner or later. I've known a hundred Joeys. As soon as he's finished using you, as soon as he makes that one big hit or he gets in a tight spot and he can run faster without you, then comes the kiss-off. But you know that better than I do. Think about it, huh?"
Valerie meets with Joey again. She tells him she almost told McGarrett everything. Joey says "I've just started a winning streak," and that he hears "wedding bells in the background" for the two of them.
When Valerie sees a gun in Joey's dressing room, he tells her that "My creditors got tired of waiting, and they sent a guy to collect. I figured I might have to argue with him." He says he will get rid of it, adding "I'll tap the record company for enough money to keep the syndicate happy. And if I can pay off, there's no point in knocking me off."
When Valerie leaves, Joey tells Paul he is thinking the two of them are going to have to split up unless Paul helps get him "out from under." As a result, while Joey is doing his nightclub act, singing "I Think I'm Going Out of my Head," and the ubiquitous "Ain't No Big Thing," Paul, using Joey's rappelling technique from the roof, robs a tourist's room to give Joey an alibi. However, the man whose room Paul is going through returns, and shoots Paul, who manages to escape.
Paul makes his way to Valerie's place. He tells her he was robbing the room "for all of us." He collapses on the floor and dies. Valerie calls McGarrett.
Later, at the club, as Joey is singing "I'll Remember You," Valerie shows up along with the team from Five-O. He tries to get her to join him on stage, but she looks distraught. He goes up to Valerie after the song is over, and she tells him that Paul is dead. Seeing all the cops in the place, Joey flees to the building's car park. When Joey, who gets in his car, pulls a gun, McGarrett shoots him.
As Valerie comforts the expiring Joey, he tells her, "What a place to die, huh? The basement of a hotel. That's the story of my life. Lousy odds. A few days and there would have been nothing but blue skies, baby. A blue sky."