Episode 3 of Our Flag Means Death Season 2 kicks off with a triumphant raid led by Zheng Yi Sao, where she emerges victorious over a plundered ship. The defeated captain, on the verge of suicide, finds a way out as Zheng Yi Sao convincingly persuades him to forge an unlikely 'alliance' with her. Stede and Olu, watching from afar, marvel at her cunning and charm. Just then, Auntie enters with startling news of a decrepit vessel named The Revenge.
Stede, without hesitation, rushes to the scene, where the decrepit state of the ship draws stares from all. Without a second thought, he leaps overboard and clambers onto The Revenge, calling Ed's name repeatedly. Inside, he is horrified by the dilapidated condition of the ship and stumbles into a room where a starving crew is feasting on a dead seagull.
Once everyone is safely aboard the Red Flag, Stede's inquiries about Ed's whereabouts yield no answers. Frenchie claims Ed has retired, while Auntie, watching with Zheng Yi Sao, warns that this may lead to unrest and mutiny among the crew. She knows Zheng Yi Sao's leniency stems from her soft spot for Olu.
Meanwhile, Ed washes up on a beach and is dragged away by a man dressed in white. He awakens to find the man is none other than Captain 'Ben' Hornigold, his old and ruthless pirate captain. However, Ben now feeds Ed soup and nurses him back to health.
On The Revenge, Auntie examines the evidence and concludes that someone was murdered on board. Frenchie and Fang attempt to dismiss her suspicions but fail. Jim and Olu reunite after a long separation, with Jim sharing news of Archie, which Olu takes in stride. Stede walks through his old ship, removing knives embedded in the walls, a symbol of his past. Izzy appears, confessing that they left Ed behind on a beach. He blames himself and Stede for Ed's fate, voicing his desire to prevent further suffering for the crew.
On the beach, Ed discusses the mutiny against him with Ben. Reflecting on their past atrocities, Ben offers a stark choice: either move forward or end it all. Zheng Yi Sao engages in a heartfelt conversation with Stede, who confesses he should have expressed his true feelings to Ed. As Zheng Yi Sao reminisces about her own fleeting romances with men on wanted posters, Auntie enters with a triumphant shout, claiming she's struck gold.
Ed confessed to Ben his dream of establishing an inn, and the two indulged in a playful enactment, with Ben adopting the guise of a notoriously obnoxious patron. However, Ben's mockery escalated, recounting how he had slain his own father, confessing to Stede, and subsequently being abandoned by him. This served as a cruel reminder to Ed that he was indeed unlovable. In a fit of rage, Ed violently snapped Ben's neck, yet to his astonishment, Ben sprung back to life as if nothing had happened. No matter how many times Ed repeated the act, Ben miraculously revived each time.
Auntie triumphantly unveiled Ed's lifeless body, concealed within the depths of The Revenge, his face shrouded in a veil of cloth. Ed's crew was summarily imprisoned, facing imminent execution. Stede, devastated, found himself speechless in their defense.
In a moment of clarity, Ed grasped the truth — the beach was indeed purgatory, a liminal realm hovering between life and death. He was faced with a choice: to embrace life or remain in this limbo. Ben guided him through the decision-making process, enumerating the pros — warmth, sustenance, and carnal pleasures — and the cons — the knowledge that nobody awaited his return. Ben then escorted Ed to his secluded spot for reflection.
Meanwhile, in Zheng Yi Sao's cabin, Olu valiantly attempted to persuade her to show leniency towards the crew and halt their imminent execution. However, her intentions veered towards seduction, and the two ultimately found themselves lost in a passionate kiss.
Stede extends a towel to the guard, and the moment she inhales its scent, she slumps to the ground in a sudden faint. Seizing the opportunity, Stede swiftly snatches the keys and unlocks the prison doors, freeing the crew of The Revenge. With a determined look, he announces their intention to reclaim their ship. Archie, skilled with a crossbow, shoots a wire across to the neighboring vessel, creating a bridge for the crew to traverse. As they cross one by one, Wee John cunningly disables the steering wheel of the Red Flag.
Auntie soon catches on to the scheme, but by the time she alerts Zheng Yi Sao, who was indulging in a passionate embrace with Olu, it's already too late. Jim returns, sweeping Olu along with him. Zheng Yi Sao watches helplessly as the ship sails away, her anger simmering.
On a clifftop overlooking the serene beach, Ed comes to a stark realization: the rope tied around Ben's waist, attached to a hefty boulder, is not what it seems. Ben reveals his true identity, not as a separate entity but as a manifestation of Ed's own suppressed self. Ed acknowledges his self-loathing and vows to make a change. With a forceful push, Ben sends the boulder tumbling, dragging Ed into the depths of the sea.
Stede rushes downstairs, entering the chamber where Ed lies. He begs for forgiveness, and in the depths of the sea, Ed hears Stede's voice, even seeing a mermaid-like version of him swimming towards him. In reality, Ed's hand begins to tremble, and Stede grasps it tightly, pleading with him to return. Their hands clasp firmly, and Ed's eyes flash open, bringing the episode to a poignant close.
