Episode 5 of "Dear Hongrang" unfolds with a chilling scene where Yuk-son, Yeon-ui's loyal assistant, viciously stabs Kkot-nim, who is heavily pregnant, in the abdomen, citing Yeol-guk's orders as his justification. Though she miraculously survives, the tragedy results in the loss of her unborn child. In the aftermath, Kkot-nim, now imbued with a resolve forged in sorrow, adopts Fake Hong-rang, an orphan who has narrowly escaped from the clutches of his captors. She warns the young boy, with a sternness born of experience, to steer clear of distractions, particularly Jae-yi. Her grand scheme entails eliminating the Sim siblings and positioning Hong-rang as the future leader of the Min Guild. Hong-rang, however, argues passionately for including Jae-yi in their plans, to which Kkot-nim reluctantly agrees but secretly assigns her assassins to eliminate Jae-yi should she pose any threat.
Elsewhere, Mu-jin is consumed with guilt and anger towards his aide for issuing the lethal order, deeply regretting having inadvertently jeopardized Jae-yi's life. Ironically, Jae-yi herself is pondering over the rumors of Hong-rang being the Soulless Reaper and seeks clarification from Mu-jin. His revelation that Hong-rang is indeed an assassin only fuels her concern for him. She confides that, though her mind does not recognize Hong-rang as her brother, her heart seems inexplicably drawn to him. This confession strikes a chord of sorrow within Mu-jin, who harbors feelings for her.
Meanwhile, Hong-rang finds himself sneaking into Jae-yi's secret cave, where he stumbles upon paintings depicting Little Hong-rang, a young boy carrying a distinctive sachet that he immediately recognizes. Jae-yi catches him in the act, prompting Hong-rang to employ manipulation tactics, attempting to convince her that his memories are slowly returning. She, eager to reconcile with the new image of her brother, presses him for details about his assassin past, but he cleverly dodges her questions.
But amidst his inquiries about the sachet with the cook, he devises a clever scheme. This sachet, you see, is no ordinary charm; it's a sacred talisman bestowed by his family for protection. Little Hong-rang had misplaced his, and so, Jae-yi had always worn the one intended for Kkot-nim's offspring. A memory from the past unfolds, revealing Kkot-nim and the Fake Hong-rang consigning Yeol-guk's handmade sachet into the earth.
Trouble brews within the Min Guild as patrons' trust erodes. In a daring maneuver, Yeon-ui eliminates the Jin verifier and contrives a suicide note, deceitfully stating that the Sims were unaware of the forgeries. Stricken with guilt for their suspicion, the patrons return to the guildfold. Yeon-ui exacts a price for salvaging Yeol-guk's reputation – Jae-yi's hand in marriage. Enraged At the prospect of Jae-yi being used as a mere pawn, he refrains from provoking Yeon-ui, instead turning his suspicion toward Gyu-ha, sensing his malice.
Meanwhile, Hong-rang unearths the buried sachet. Believing in its uniqueness, Jae-yi will undoubtedly recognize him as the genuine Hong-rang upon receiving it. Just as he prepares to hand it over, his heart sinks as he witnesses Jae-yi and Mu-jin sharing a tender moment, mistaking their camaraderie for romance. Jealousy gnaws at him, prompting him to confess to Goldie, the loyal pet dog, his reluctance to part with the sachet. To give it now would cement their sibling bond, a fate he loathes.
One fateful night, Jae-yi inquires about the Soulless Reaper within the hushed confines of a gambling den, where fear silences all who might speak. Suddenly, Bang-suk abducts her, claiming possession of the true Hong-rang and demanding retribution against the impostor in exchange for crucial evidence. However, Jae-yi outsmarts him, confessing to Hong-rang her unwavering concern for his well-being, despite his fraudulent identity. Her affections have blossomed for him, unbeknownst to him. Her gamble pays dividends as Bang-suk's tale of the genuine Hong-rang proves false. Swiftly, a fierce skirmish ensues between Hong-rang and Bang-suk's ruthless henchmen.
Kkot-nim's assassins lend their hand in bringing the Sims down and subsequently attempt to eliminate Jae-yi. Hong-rang, desperate and aware of the impending doom she faces without his aid, implores Jae-yi to embrace him as her kin. As a token of his sincerity, he presents her with the Sim sachet and unveils the enigmatic tale of the Soulless Reaper. Jae-yi, swayed by his earnestness, finally acknowledges Hong-rang as her brother. Relieved, In-hoe halts the assassins' advance.
The scene transitions to a series of tender moments where Jae-yi showers Hong-rang with affection. Although Mu-jin remains skeptical, he concedes to handing over the guild's reins to Hong-rang. Jae-yi introduces Hong-rang to her secret picnic haven, where, realizing his burgeoning feelings for her, he inadvertently crosses boundaries by wiping her lips and licking sugar from her fingertips. Jae-yi, both flustered and perplexed, grapples with his unexpected behavior.
Kkot-nim's fury knows no bounds; her vendetta against the Sims extends to Jae-yi's life. She commands In-hoe to eliminate Jae-yi without mercy. Torn between duty and compassion, In-hoe finds solace in Gyu-ha's intervention. Meanwhile, Jae-yi's fate takes a tumultuous turn as she is betrothed to an unsavory family headed by Choi Ju-yeol. Ju-yeol, endeavoring to win Jae-yi's favor, regales her with tales of art and Du-ryeong, eventually confiding in her his own loss. Jae-yi, softened by his revelation, finds herself more inclined to accept the arrangement.
Mu-jin, keen to thwart this union, faces opposition from Yeol-guk, who champions it as a beneficial alliance. A clause in the prenuptial agreement stipulates that any breach by the Chois will result in their land being forfeited to the Sims. However, both Mu-jin and Hong-rang independently delve into the matter, uncovering Ju-yeol's true nature—a ruthless individual whose three wives have met with mysterious deaths or disappearances. Hong-rang discovers the third wife, Lady Ko, her face grotesquely disfigured.
As the wedding ceremony looms, Ju-yeol's brutal nature surfaces once again when he brutalizes a servant, then breaks into a sinister smile. The fifth episode of "Dear Hongrang" concludes on a dramatic note, with Jae-yi's wedding commence.
