In the opening of Bloodhounds Season 2's Episode 5, Gun-woo rushes Gang-yong to the hospital, while Min-beom learns of the incident from the news. The doctors scan Gang-yong's skull and discover a hairline fracture. Woon-jeong calls Gun-woo and Woo-jin to inquire about the situation, and Woo-jin is shocked to hear about the accident.
Meanwhile, Woo-jeong joins Gwang-mu and Woo-jin to extract a confession from Gi-na about who hired her. He speaks to her calmly and convinces her to cooperate. Gi-na admits that Lee Man-bae hired her to drug Min-beom and agrees to help them meet him the next morning. Woo-jin takes her to his hotel to keep her safe.
At the hospital, Min-beom meets his uncle, Director Kang of the National Intelligence Service. He requests help in dealing with Baek-jeong and asks for someone to kill the person who drugged him.
Back at the hotel, Woo-jin discusses the attack on Gang-yong with Gun-woo. Gun-woo blames himself for what happened to everyone, including Min-beom and Gwang-mu. Woo-jin reassures him that they are helping him because they care about him and reminds him that they are like family.
Elsewhere, Baek-jeong prepares a list of fighters for a match scheduled for the next day. Tae-yeong informs Woo-jin and Woo-jeong that Gun-woo will have to fight multiple opponents until only one remains. They realize that Baek-jeong will try to force Gun-woo into the ring.
Gang-yong leaves the hospital against medical advice and goes to the hotel to meet the team. Tae-yeong reveals that the hotel receptionist may have leaked information to Baek-jeong. Gang-yong plans the next steps, asking Woo-jeong to join him in catching Man-bae while he meets Gi-na.
As Gun-woo trains at the hotel, Baek-jeong orchestrates a dangerous game of cat and mouse. He sends Woo-jin and Gwang-mu to find Sergeant Yun Tae-geom while instructing Gun-woo to remain hidden in the hotel to avoid capture. Simultaneously, Baek-jeong sends Gun-woo the location of the fight.
Gi-na waits anxiously to meet Man-bae when she notices the police following her. A motorcycle rider swiftly approaches and slits her throat, ending her life.
On the night of the match, Gun-woo sneaks out of the hotel undetected and arrives at the venue. Baek-jeong, fueled by anger and desperation, enters the ring and attacks Gun-woo brutally.
Tae-yeong, monitoring the livestream, realizes Gun-woo is not in his room and alerts Woo-jeong. Woo-jeong and Gang-yong rush to the arena and send the police to stop the fight. Allen, informed of the incoming police, alerts Sergeant Yun and Man-bae. The arena is cleared, and Sergeant Yun forces Baek-jeong to halt the match.
The next morning, Gun-woo awakens in the hospital, apologizing to Woo-jin for facing Baek-jeong. Woo-jin reassures him that they can take down Baek-jeong together if they work together.
Gang-yong requests that the police issue a wanted alert for Baek-jeong. Meanwhile, Baek-jeong meets an international investor who wants to invest in IKFC after witnessing the match. The investor notes that Gun-woo has become a crowd favorite and suggests making him the face of the club. However, Baek-jeong拒絶了這項提议.
Man-bae informs Baek-jeong that he is now wanted in South Korea and urges him to leave the country. But Baek-jeong refuses to flee and instead orders Man-bae to kidnap So-yeon so he can force another fight with Gun-woo. The episode ends with this ominous plan in motion.
