Red is back in person to be at Liz's side. As a present, Red has brought Liz a new name from his blacklist. He is the man who protects the guilty by preying on the innocent, including men, women, children and infants. He is called "The Alchemist." He uses science to transform one person into another. This man's latest job is to protect a Serbian mob turned informant and his wife, Peter and Catherine Madrciyk.

Red is not yet coming back to the Cooper headed FBI Unit, as he believes the mole is still part of the unit. He has put a team of highly specialised hackers on the job to find information that may lead to the mole. These hackers are scanning through the government intelligent agencies data-bases, without much luck. There are bags and bags full of shredded documents. Red asks the hackers to piece together the shredded strips and find anything related to the mole. The hackers bring a German team and their invented program to piece together the shredded documents.

The Alchemist is with a woman in a hotel room. She has been drugged and soon faints. She wakes-up in a plane, as a completely new person. She is horrified to see herself completely transformed into someone else. There is a man sitting in front of her. His hand is covered with tattoos. The woman thinks that the man has abducted her and demands to know, where he is taking her. The man has no idea and he screams that he does not like to fly and he does not like tattoos. They are the victims of the Alchemist.

The Alchemist is also present in the plane. He tells them that he is their pilot, and opens the door of the plane. Equipped with a parachute, he jumps down from the plane. He had killed the two pilots, as well. The plan soon crashes, killing all the passengers. It is reported that Peter and his wife have died in the plane crash.

Liz goes to meet Red. He tells her that Peter and Catherine are very much alive. The Alchemist manipulates the genes, which fools the investigators. Red tells Liz that the Alchemist is even better than him when it comes to making people disappear. Liz gets to know that the mob informant had first contacted Red. This means Red knows where Peter has gone.

Liz, Agent Ressler and Agent Malik are at a pub and soon the mob informant walks in. The three stops him from escaping and he is in FBI custody. Peter is getting interrogated by Agent Ressler, while his wife walks inside the Alchemist's lab. She demands to know what went wrong as he had promise to make them disappear. The Alchemist asks her the name of their lawyer and then shoots her down. The Alchemist takes the identity of Peter's lawyer. He poisons Peter inside the FBI's interrogation room.

The FBI is able to dig-out information on the Alchemist. His real name is Eric Trettel. He had faked his Harvard education and had become part of human gene experiment. From there, he moved on to become an expert witness, providing DNA evidence. He had provided evidence against a mobster, which had turned out to be false. Eric was outed as a fake and disgraced. He had fled to avoid indictment. The Alchemist has a wife and a daughter. Liz goes to meet them. The wife tells Liz that Eric is a dangerous man and he still thinks their relationship is intact. The daughter suffers from diabetes.

At the Alchemist's lab, Liz and Agent Ressler find photographs of the people he made disappear. Liz figures out that the Alchemist is killing people who knew him, wiping-out evidence against him. The FBI team rushes to the Alchemist's wife place, only to find her and the daughter dead. Liz takes a close look at the photographs of the wife and the daughter. She tells her team-mates that they are not dead, and the Alchemist might have abducted them.

Liz is right and the wife and the daughter are with the Alchemist in a car. He is taking them with him to a new location. The wife looks petrified. FBI teams tracks them out, with the help of the glucose monitor on the daughter. The Alchemist has stopped at a convenience store. There he comes to know about his daughter being diabetic and the equipment on her. This discovery leads to a bloody mayhem in the store, and turns into a hostage situation. The daughter also has accidently received a bullet wound and is bleeding.

The special force team is already there when Liz and Agent Ressler arrive. They stop the two FBI agents from going inside. Liz puts her gun away and tries talking to the Alchemist, asking him to let go the people as his daughter needs medical attention. He tries to bargain a deal, asking for immunity. Liz is unable to promise him that as she has no authority. Unable to see her daughter's deteriorating condition, the mother picks a gun, from the floor, and shoots down the Alchemist. He is dead.

Liz meets Red. She hands him the Alchemist's client-list. Liz realises that Red intentionally gave her the Alchemist's name, as he wanted to know the names of his clients. Red does not refute that, but does not tell Liz the truth.

What Else Happened in "The Alchemist": Tom is back from not giving his job interview, as he wants to make his relationship with Liz work. Their baby is due soon. Tom and his school colleagues throw a baby shower for Liz. The baby shower provides another topic of contention for Liz and Tom to argue. A woman walks-in to put a full-stop on the argument. She is Jolene. She introduces herself as a substitute teacher. This woman has added another mystery to the already long list of "The Blacklist" mysteries. Before coming to the baby shower, she had looked at a file, containing the photo of Tom. The look on her at the time was not that of friendly person. When Liz gets a call from FBI and leaves, Tom and Jolene bond and get friendly. Later, when Liz does not turn-up for home-dinner-date, Tom calls-up Jolene and joins her at a photograph exhibition.

Agent Ressler's ex-girlfriend, Audrey, puts her engagement on hold. She tells Agent Ressler that she made that decision after meeting him in the hospital. The two looks like are going to date, again.

THE MOLE: Agent Malik is the mole. The piecing together of the shredded documents revealed that information to Red. He is waiting for Agent Malik at her apartment, holding a gun. You're here to kill me because I am the mole," Agent Malik tells Red.

The episode had all the elements that make "The Blacklist." The Alchemist was an interesting criminal, with the scientific knowledge to modify genes, transforming a person into someone else. However, the most notorious criminals have become too easy to catch, with or without help from Red. It was a surprise to see Agent Malik as the mole. She was taken out from the suspected list in the previous episode. The mysteries in "The Blacklist" keep piling-up. The newest addition is the woman called Jolene. At the moment, Tom is the most intriguing character in "The Blacklist." He looks innocent and acts like a perfect husband. However, Red's warning has put him in the suspicious zone, permanently.

It was a good episode of "The Blacklist," minus the thrill.