Episode 2 of "Dear Hongrang" kicks off with an intense search for Seol-ki, a vanished child, as Hong-rang and In-hoe plunge into the depths of an underground slave market. Meanwhile, Jae-yi finds herself amidst a circle of homeless detectives, their conversation revolving around the eerie similarities between Seol-ki's disappearance and Hong-rang's own past vanishing act. The sole distinguishing factor: a maid's chilling account of encountering a white-haired ghost. Determined to uncover the truth, Jae-yi devises a plan. Donning the guise of police officers, the sleuths interrogate the missing child's household, creating a diversion for Jae-yi to slip in undetected. To her horror, she discovers the maid buried alive for her failure to safeguard the youngster. Swiftly, Jae-yi and her homeless allies rescue her and conceal her within a secluded cave. There, beneath the shroud of darkness, the maid unravels the tale of the white-haired ghost, sending shivers down Jae-yi's spine and stirring memories of Little Hong-rang's haunting dreams.
Elsewhere, Hong-rang and In-hoe embark on a daring mission to dismantle the child trafficking syndicate. While In-hoe liberty-seeks the captives, Hong-rang confronts the auctioneer head-on. The auctioneer claims it was the Snow Man—the enigmatic white-haired ghost—who abducted Seol-ki, a revelation that shakes Hong-rang to his core. Consumed by rage and determination, Hong-rang sets the auctioneer aflame, vowing to track down the Snow Man and uncover his own haunting past. Flashbacks flood his mind, painting vivid pictures of his youthful self fleeing from the sinister Snow Man through the shadows of his forgotten trauma.
Jae-yi is enveloped by guilt as a vivid flashback unfolds, revealing Little Hong-rang awakening amidst the dense woods, three months prior to his mysterious disappearance. He endeavors to convey his encounter with the Snow Man to Jae-yi, but she remains steadfast in her disbelief. In the present, the liberated children are guided to a sheltering home, where a young lad informs Hong-rang of his acquaintance with Seol-ki. Both boys recall being confined in a chamber reeking of ink; the lad was subsequently expelled due to his perceived worthlessness, reinforcing Hong-rang's conviction that their kidnappers are one and the same. His recollections of the Snow Man are interwoven with the figure of a painter.
Back at their abode, Mu-jin urges their father to delve into Hong-rang's past. As always, Yeon-ui attempts to expel Mu-jin from the family fold, reminding Yeol-guk that his authority stems from her father. However, Yeol-guk, as the grandmaster, and Mu-jin, the chief merchant, stand at a pivotal juncture; their dismissal could spell ruin for the guild, leaving Hong-rang devoid of any inheritance. The situation remains a deadlock.
Yeon-ui summons Hong-rang to a serene temple, where he suddenly bends in reverence before a portrait of a man. Her heart swells with joy, believing he has recognized her father. Hong-rang recounts a memory of sitting on his lap, enveloped by the fragrance of pine. Grandfather Min indulged in pine elixirs due to a concealed ailment, convincing even Mu-jin of Hong-rang's true identity—save for Jae-yi, who insists he is merely meticulous in his disguise.
Their discourse descends into an argument, and in a fit of frustration, Hong-rang lashes out at Jae-yi, inadvertently tearing a blanket she was meticulously washing.
Later, the cook catches sight of Jae-yi consuming sweets, mirroring the innocent demeanor of Little Hong-rang. Intrigued, he inquiries about Jae-yi's bitter disposition, prompting her to recount, with a sorrowful tone, the girl's tumultuous life within an abusive household. A haunting flashback unveils Little Hong-rang as the solitary attendee at Jae-yi's mother's memorial, where Yeon-ui, discovering their encounter, savagely beats Jae-yi for corrupting her son.
That very night, Hong-rang awakens from a terrifying nightmare involving the painter, his eyes locking onto Jae-yi as she stealthily makes her way to a secluded cave. There, Jae-yi holds a poignant memorial for her deceased mother, her voice breaking as she implores Jae-yi to restore Hong-rang to her, for she is deeply enshrouded in loneliness.
Trouble looms on the horizon when Bang-suk, a ruthless thug, chances upon Jae-yi one fateful day. Upon discovering her true identity, his gleeful demeanor betrays his belief that Mu-jin is engaged in an illicit affair with his own flesh and blood. He commands his henchmen to gather incriminating evidence, intent on blackmailing the Sims family.
Unbeknownst to them, Jae-yi initiates a daring plan to spirit the maid, Jjo-kkan, out of the city's confines. Hong-rang, who has been relentlessly searching for the maid, catches sight of them, just as Bang-suk's spy does. Intriguingly, Jjo-kkan reveals she glimpsed half of a tattoo on the Snow Man's neck, inscribed with the word "One," adding another layer of mystery to the unfolding saga.
Elsewhere, Mu-jin stumbles upon Hong-rang's former comrade, who attempts to flee in terror upon recognizing him. The man dubs Hong-rang a "soul reaper," whispering tales of his ruthless demeanor and unwavering capacity for violence. In a frenzy, Mu-jin races back home, his sword drawn, its sharp edge hovering perilously close to Hong-rang's neck before he can utter a word about the maid to Jae-yi. Hong-rang, ever the enigmatic figure, merely smiles and shields him from suspicion when Yeol-guk stumbles upon the tense scene.
As the tension dissipates and the group scatters, Mu-jin, his voice filled with desperation, implores Jae-yi to steer clear of Hong-rang, fearing the consequences their entanglement may bring.
Meanwhile, Bang-suk viciously assaults Jjo-kkan until she breaks down and reveals the secrets of the Snow Man. He, in turn, orchestrates rumors about the Snow Man's eerie appearances during rainy nights at a child's grave, casting a chilling shadow over the town. Jae-yi and her team of sleuths, captivated by these whispers, fall prey to the deceit. Jae-yi hatches a plan, enlisting the muscle of Mu-jin as their guardian for the impending stakeout.
As the heavens open up with a downpour, Jae-yi receives a cryptic note—a tattoo inscribed with the chilling phrase "One Death," accompanied by a map pointing to a solitary grave. Believing it to be the final resting place of the elusive Hong-rang, Jae-yi dashes out alone, abandoning the safety of Mu-jin and her fellow investigators.
In a dramatic climax to Dear Hongrang Episode 2, Jae-yi discovers Jjo-kkan's lifeless body lying at the designated "grave," only to realize it's a deadly trap set by Bang-suk. He lunges at her with murder in his eyes, plotting to end her life and claim the bounty for "discovering" her body. Just when all seems lost, Hong-rang emerges from the shadows like a avenging phantom, slicing through Bang-suk with precision. He then confronts the menacing thug, his voice dripping with menace, for daring to harm his sister.
