The eleventh episode of Moon River commences with a haunting flashback, as Crown Princess Kang Yeon-wol is deposed on suspicion of the heinous crime of queenslaying. Yi Kang pays her a visit at her new abode, only to be met with a cold reception as she firmly states her unwillingness to see him again. The king, in a bid to save her life, entrusts Hong-nan with a letter, warning her of impending poison and urging her to flee. However, Yeon-wol, in a noble gesture, chooses to leap into the icy lake, knowing full well that such an act would only fuel Yi Kang's relentless pursuit and invite more trouble.
Cutting to the present, Dal-i regains the memory of her true identity, and Hong-nan informs her of the king's latest ruse - a fake death orchestrated by burning down the palace she resides in, allowing her escape once again. Yet, Dal-i hesitates to harm Yi Kang any further and, with the support of her adoptive parents who hold Hong-nan back, she decides to go through with it. She dashes out to stop Yi Hui's minion from setting the palace ablaze and confronts the king, who is aghast at her decision. The left minister's growing power looms large, but Dal-i asserts that she has changed. As Dal-i, she vows to stand by the prince's side and assures the king that together they can shield him from harm.
Elsewhere, Je-woon drowns his sorrows in alcohol, while Yi Kang reveals his masterful plan to dethrone the king and crown Je-woon, thus allowing him to exact revenge on the left minister. However, this plan would consign Woo-hee to a life as a palace slave, which Je-woon finds unpalatable.
As Dal-i reflects on her memories with Yi Kang, she realizes the urgency of seeing him immediately. When he inquires about her sudden visit and her intentions, she simply replies that she desires nothing more than to be together. A flashback reveals Dal-i's pledge to the king that she would not reveal her true identity to Yi Kang. Meanwhile, Yi Hui orders eunuchs to dispatch trusted guards to safeguard Dal-i's family.
The news reaches Han-chul, who, coupled with what Dal-i's neighbors have whispered about her appearance five years ago, suspects that she is indeed the crown princess. He commands his men to pursue her family relentlessly. Je-woon, on the other hand, finds himself running out of alcohol and takes a stroll outside, reminiscing about happier times spent with Woo-hee.
The following day, Dal-i joins Yi Kang and learns of his plan to exile the former chief secretary and Mi-geum to disparate locations. She implores him for a favor, and he grants them a chance to be reunited. Meanwhile, Je-woon spends an entire day crafting paper pinwheel fans in his home. That evening, Woo-hee discovers a string of paper fans pinned to the wall of her courtyard, accompanied by a ring and a letter in which Je-woon vows to bring down her father. As he shouts his love for her in front of him before fleeing, Woo-hee senses something amiss.
When Yi Kang learns of Je-woon's actions, he realizes that Je-woon must be attempting to assassinate the left minister himself. Indeed, Je-woon sneaks into the minister's quarters and launches an attack, only to be thwarted by Han-chul's superior skills. However, Je-woon takes advantage of Han-chul's momentary hesitation, a result of his eyes reminding him of someone else. Yi Kang intervenes and pulls Je-woon away, saving his life. In gratitude, Han-chul decides to overlook Je-woon's attack and reminds Yi Kang of the consequences if he were to die and his pact with the king were to be revealed.
Yi Kang departs, urging Je-woon to live and find a way to right his wrongs. Elsewhere, one of Han-chul's men inquires about his leniency towards Je-woon, prompting a flashback to a young woman with a younger version of Han-chul.
Back in his quarters, Yi Kang informs Dal-i of the events that transpired. He suggests their next step should be to locate Deok-chun, the woman in the mask, who must possess the secret pact. The following day, the group gathers for Yi Kang's new plan. Cha Eun-woo informs them that he has investigated the Cheongye Merchant Group and discovered it is run by a group of criminals known as the nameless ones, suspected to be backed by the left minister. Yi Kang realizes these are the same men Woo-hee sent to attack him at the Shinjusa temple, implying she knows their identity.
Since Woo-hee is confined to her palace, Dal-i takes it upon herself to speak with her. She spends the day entertaining the dowager queen with gossip from around the country, then requests her to arrange a meeting with Woo-hee. The queen obliges.
Dal-i inquires about the nameless ones and Deok-chun. Woo-hee reveals they have strongholds in multiple areas, including one in a mountain. After learning more about Deok-chun, Dal-i suspects they could be located in an area called Yangju. She sends this information to Yi Kang and the others, who go to the market to purchase maps. Yi Kang spies his father nearby, in disguise. Meanwhile, Yi Hui visits the palace where Hong-nan and Dal-i's parents reside, assuring Hong-nan that this time he will protect the crown princess as much as his own son.
Yi Kang overhears their conversation and realizes Dal-i is the crown princess. He finally understands why she has been overly affectionate these last few days. He rushes to see her and is overcome with emotion when he finally faces her. He asks her once again what happens when one catches a falling petal, and she chokes up, saying she must have caught two since she married her first love twice. The episode ends with them embracing each other, finally reunited.
