Episode 1 of *Ms. Incognito* opens with Kim Young-ran seated in an interview, portraying herself as a high school teacher. Through a narrative voiceover, she recounts how she was compelled to assume the identity of Bu Se-mi in the quaint, seemingly innocent town of Muchang. The narrative then shifts, transporting viewers three months into the past, to the moment when Young-ran interviewed for a bodyguard position at the prestigious Gaseong Group.
Desperation etched on her face, Young-ran endeavors to engage in conversation with Lee Don, the interviewer. Her efforts do not go unnoticed, as Ga Seung-ho, the CEO of Gaseong Group, observes the interview unfold through CCTV footage and is impressed by her. Initially, Lee Don extends a job offer to Young-ran, but his decision is soon clouded by doubts. Learning of her criminal record, he demands her immediate departure. Heartbroken and frustrated, Young-ran encounters her mother, So-young, that very evening.
Their reunion is far from warm, devolving into a bitter exchange. Young-ran accuses her mother of siphoning off her hard-earned money and holds her responsible for the wreckage of her life. So-young, in a fit of anger, slaps her daughter, urging her to show some respect before storming off.
The following day, Lee Don approaches Seung-ho to discuss Young-ran's troubled past. He divulges that she is on probation for a petty theft of sanitary napkins committed during her ninth-grade year. Furthermore, he reveals that Young-ran is drowning in debt, a consequence of her mother taking out a loan under her daughter's name.
Despite these revelations, Seung-ho makes a calculated decision. He instructs Lee Don to rehire Young-ran, reasoning that her dire financial situation renders her willing to undertake any task for monetary gain.
Meanwhile, Dong-min, a humble strawberry farmer, arrives at Seung-ho's residence to deliver his produce. Fate intervenes as he crosses paths with Young-ran, who swiftly acts to prevent him from sustaining an injury.Upon arriving at the mansion, Young-ran encounters Butler Choi, who escorts her to the annexe, where the servant quarters are located. Butler Choi reveals that Young-ran will be sharing a room with Baek Hye-ji. As Young-ran is summoned to meet Seung-ho, Butler Choi takes the opportunity to snoop through her bag while she is away.
Lee Don ushers Young-ran into Seung-ho’s residence and briefs her on her duties as the Chairman’s bodyguard. Young-ran discovers that many of Seung-ho’s previous staff members resigned due to the challenges of working for the elderly man. Lee Don cautions Young-ran about the demanding nature of the role and suggests she reconsider and leave.
Back in the annexe, Young-ran meets Hye-ji, who attempts to befriend her. However, Young-ran declines the friendship, citing her inability to afford outings and coffee like others. That evening, Young-ran finds herself unable to eat the steak Butler Choi has prepared for her. As she surveys her surroundings in the annexe, she notices that the place is riddled with CCTV cameras.
Seung-ho is impressed by Young-ran’s skills. The following morning, Seung-ho heads to the office for a meeting with his son regarding their new instant ramen advertising campaign. During the meeting, Seung-ho reprimands his stepson, Seon-woo, for attempting to blend personal relationships with professional matters in an effort to persuade him to approve the ad.
Curiosity about Seung-ho gets the better of Young-ran, and she looks him up, discovering that he is a widower who lost his wife just a year into their marriage. That night, Seung-ho’s stepdaughter, Seon-young, calls Butler Choi to inquire about her father’s activities. Learning about the bodyguard, she becomes furious.
The next day, Seon-young meets Seung-ho at his late wife’s tombstone and inquires about his well-being. Noticing Young-ran’s presence, she creates a scene, accusing Seung-ho of not knowing his late wife’s favorite flowers.
Seong-ho’s driver, Cheol-su, confides in Young-ran, explaining how Seong-ho had married the mother of Seon-woo and Seon-young. Now, the two legitimate heirs to the estate are reluctant to see their stepfather remarry, fearing it might jeopardize their stake in the company.
On the ride back, Seong-ho questions Young-ran about the wound on her wrist. She, in turn, inquires about the hidden cameras, wondering if his life is truly in jeopardy.
Later that same day, Seong-ho instructs the household staff to take the day off. However, Young-ran, with nowhere else to go, remains behind. Seong-ho prepares a bowl of ramen for Young-ran to eat, and as they sit together, they delve into a heavy conversation about Seong-ho’s biological daughter, Ye-rim. Ye-rim had been tragically murdered by Seon-young, who saw her as a looming threat to the family's power and empire.
Meanwhile, Butler Choi discreetly informs Seon-young that Seong-ho is alone with Young-ran. In a fit of jealousy and suspicion, Seon-young rushes to the house, searching frantically for Young-ran. But her efforts are in vain; she finds no trace of Young-ran and is ultimately compelled to leave, her frustration simmering just beneath the surface.
Alone once more, Young-ran is overcome by memories of a traumatic childhood experience, triggering a debilitating panic attack. As the evening wears on and the house settles into a quiet hush, Seong-ho summons Young-ran to his private room. There, surrounded by the glow of multiple CCTV screens displaying live feeds of his staff, he reveals his intentions. He confesses that he had been meticulously planning to find a spouse for a contract marriage—someone who would have the resolve and capability to avenge Ye-rim’s untimely death.
The episode reaches its climax as Seong-ho, his gaze steady and resolute, poses a life-altering question to Young-ran: he asks her to marry him.
