The third episode of The Mighty Nein commences with a spectacle of a carnival in disarray, its tranquility shattered by an ominous monster. The heroes, reunited from prior episodes, stand at a crossroads, unsure of their next move against this new threat.
The narrative flashes back a few hours, painting a serene picture of Mollymauk Tealeaf, the carnival's enigmatic tarot reader, awakening on the big day with his usual calm demeanor. However, his boss and partner, Gustav Fletching, harbors a more pessimistic outlook. He fears the carnival's demise, with fears of inadequate ticket sales leading to its inevitable closure.
Meanwhile, the heroes from earlier episodes have already made their presence known. Beau delves into the crowd, searching for the man under the moniker "Dead Eye." Jester and Fjord indulge in the carnival's festivities, their carriage arriving later than expected.
Caleb notices Nott's struggle with alcoholism as her hands tremble upon seeing a bottle. With a gentle touch, he offers her a final bottle, urging her to be mindful in this moment of reckoning.
The climax of the carnival's attractions arrives with the arrival of Toya and her "pet," the Devil Toad, accompanied by a horde of Lumino Beetles—insects that Toya uses to control her pet's ravenous hunger. Caleb's eyes light up with an opportunity to steal one of these beetles for his own purposes. He cunningly breaks one of the carriage's wheels, and Nott takes advantage of the chaos to create a distraction, allowing Caleb to attempt his heist. But a sudden glimpse from a Volstrucker sends him into a state of frozen paralysis, and he reluctantly abandons his plan.
Beau remains within a tent, his mission to find "Dead Eye" top priority. As he awaits his target's arrival, Mollymauk speaks with him, warning him of Toya's impending danger and advising him to steer clear of any trouble. The tiefling also reads Beau's tarot cards, revealing that she is on a crucial mission but will not succeed without help.
Their conversation is abruptly cut short as she locates her contact and gives chase. The man, however, is not amused by her presence instead of Dairon's. He hands her a message stone, which she is clueless about its usage, and departs. Meanwhile, Jester and Fjord are merrily frolicking, oblivious to the commotion unfolding around them. They play in a "house of mirrors," laughing at the myriad of magical reflections of themselves.
As they prepare to leave, Beau catches sight of Nott and seizes her, inquiring about her horse's whereabouts. Caleb swiftly concocts a lie, shouting that someone is attacking his daughter, drawing the attention of a multitude. One of the carnival workers attempts to intervene, but Beau breaks his hand in the process. This only exacerbates the situation, attracting the attention of Molly as well. In response, Beau calls for reinforcements to deal with the girl. Soon, they overpower and remove her from the carnival. However, it is too late for her to realize that Nott has stolen her stone.
As Fjord and Jester stroll around the carnival, Fjord inquires about the Traveler. Jester reveals that they never issue her any commands; instead, they speak to her like a dear friend. However, they've been noticeably quiet lately. Jester tells Fjord that he can confide in her his worries, which brings him joy. Thus, he agrees to play a game. They engage in a round of High Striker, but Fjord barely lands a hit with the hammer. Surprisingly, Jester rings the bell and wins him a captain's hat. Two men witness this and mock Fjord, who is unwilling to fight them unlike Jester, who is enraged. Thankfully, Molly arrives and calms everyone down. She also persuades Fjord and Jester to purchase tickets for the carnival.
As the night embraced the venue, Gustav, his voice resonating with anticipation, welcomed the throng, setting the stage for a spectacle that promised to ignite the night. Molly introduced Toya, a mastermind whose captivating melodies and command over the beetle minions harnessed the power of the Devil Toad. Yet, beneath this dazzling display, Caleb's sinister plan simmered—a heist of the precious beetles. Nott, his shadowy accomplice, guided him like a navigator in the darkness, leading him to the carriage where the Lumino Beetles lay dormant.
As they reached their goal, Beau, donning the guise of the carnival's mascot, sprung into action, launching a surprise attack on Nott. The struggle that ensued was a chaotic dance of fists and shattered jars, releasing a swarm of beetles that flooded the stage. Jester's daring venture into the Devil Toad's maw was cut short by a hasty retreat; however, it was too late for those already in its path. The toad, gone berserk, leaped and thrashed, its poisonous thorns turning its victims into monstrous creatures under its control.
Fjor, witnessing Jester's peril, summoned the courage to wield his newly acquired magic. Though unrefined, his efforts slain one of the abominations. The girl, summoning the hammer from her previous game, added her mark to the fray, slaying another. In a matter of heartbeats, the party found themselves embroiled in a desperate dance of survival, each fighting or dodging the terrors that roamed.
Caleb's quest for a beetle narrowly kept him from doom, but Nott's timely intervention shielded him from harm. As Molly searched for Gustav amidst the chaos, her heart-wrenching discovery awaited: her friend had been transformed into a monster. The creature's attack ignited something deep within Molly's tiefling heart, and in a flash of red-eyed fury, he dispatched his companion. The revelation sent Molly reeling in agony as he returned to his own flesh.
Caleb's triumphant capture of a beetle led him to conjure fire and aim it at the Devil Toad—a gamble that promised to extinguish all threats if successful. Meanwhile, Beau battled to free herself from the beast's grasp after it had swallowed her stone. Just as she evaded its jaws, Caleb prepared to unleash his fire—but Fjord's sudden intervention threw off his aim. The resulting inferno left the Devil Toad with an opportunity to escape with Toya as a hostage and the stone in its belly.
As the town guards arrived to find only the protagonists amidst the flaming ruins, Owelia intercepted Dead Eye and claimed her victory after he revealed more about the messaging stone.
