In the opening moments of Episode 1 of Bloodhounds Season 2, Kim Gun-woo and Hong Woo-jin awaken to the dawn, their bodies primed for the upcoming boxing match that Gun-woo will embark upon. After their rigorous training session, the boys venture to Gun-woo’s mother, So-yeon’s, café, where they spend the day immersed in the warmth of family and hard work. That evening, they gather for a heartfelt dinner, discussing the impending match with anticipation and determination.
At the opening ceremony, Gun-woo is introduced to Adik Belov, his opponent for the next day’s battle. Adik’s sudden slap on Gun-woo’s face creates chaos on stage, but Gun-woo remains unflappable. Meanwhile, Baek-jeong, Sergeant Yun Tae-geom, and Allen arrive in Korea and are greeted by Mr. Lee.
The following evening, Baek-jeong and Sergeant Yun watch the intense fight between Adik and Gun-woo unfold inside the ring. In the first round, Adik exerts his dominance, but Gun-woo quickly catches up. He lands a powerful blow to Adik’s eye, and the crowd erupts in cheers, piquing Baek-jeong’s interest in Gun-woo.
Before the third round commences, Woo-jin and Gun-woo strategize to ensure a victory without causing lasting harm to Adik’s injured eye. Adik spots Baek-jeong in the crowd and becomes concerned about the debt he owes him.
As the third round begins, Gun-woo punches Adik’s ribs, knocking him out, securing the match for himself. That night, Hong Min-beom arrives at their house with alcohol to celebrate Gun-woo’s triumph. Woo-jin, Gun-woo, and Min-beom share a moment of reflection on President Choi and the friends they’ve lost. Min-beom reveals his plans to build a children’s hospital in honor of President Choi, leaving a profound impression on the boys.
Meanwhile, Sergeant Yun forces Adik into an illegal boxing ring to pay off his debt against Baek-jeong. Allen livestreams the fight, and viewers begin wagering substantial amounts on the fighters. Baek-jeong attacks Adik’s injured eye with reckless aggression. Adik loses consciousness, but Baek-jeong continues his brutal assault until he mercilessly beats Adik to death.
After the match, Mr. Lee brings in a doctor to harvest Adik's organs, but Sergeant Yun slits Adik's throat to stop him. Baek-jeong then asks Sergeant Yun to arrange a meeting with Gun-woo. The next morning, Woo-jin and Gun-woo meet Kang Tae-yeong, who is in a wheelchair. They help her with errands at the grocery store, and she reveals that she will be working for Min-beom as a cybersecurity agent.
In private, Tae-yeong asks Woo-jin to stop taking pity on her, and he explains that they see her as family and want to protect her. Later that night, Baek-jeong and Sergeant Yun show up at Gun-woo's house and offer him a chance to fight at their private boxing club, IKFC. Baek-jeong promises a payment that is ten times higher than his current pay. So-yeon stops Gun-woo from accepting the deal, and the boys force them to leave.
Outside, Baek-jeong tells Gun-woo that he will get him to fight at his club no matter what. He then asks Mr. Lee to have So-yeon kidnapped to pressure Gun-woo. Meanwhile, Gun-woo worries about his mother's safety and installs a new security system at their house. The boys reach out to Yang Jae-myeong to find information on Baek-jeong, but find nothing. Woo-jin suggests asking their friends for help, but Gun-woo refuses, fearing it will put them at risk. They decide to deal with Baek-jeong on their own.
At the same time, Mr. Lee tells Baek-jeong about the men from Smile Capital who were sent to prison because of Gun-woo and Woo-jin. He shortlists four of them and says it would cost 100 million won each to free them. Baek-jeong chooses one man, Kang In-beom, and asks for him to be released. Mr. Lee arranges for In-beom's release and sends four masked men to Gun-woo's house. That night, Allen hacks into the security system, turns off the cameras, and unlocks the doors. The men enter the house to kidnap So-yeon, but Gun-woo wakes up.
Gun-woo starts fighting them, and Woo-jin joins him. Together, they manage to overpower the attackers and stop the kidnapping. The men escape in a car, and Gun-woo chases after them. As the car speeds away, Gun-woo continues chasing it. Meanwhile, Sergeant Yun, hiding in an alley, presses a button and sets the car on fire as the episode comes to an end.
