Contains spoilers for this episode.
Blackadder dismisses the idea of paying another courtier's ransom, arguing that only a fool would let himself be kidnapped. He is promptly knocked unconscious and wakes in a dungeon beside Melchett. Their captor, Prince Ludwig, uses disguises and torture to unsettle the rival courtiers while demanding money from Elizabeth. Percy and Baldrick attempt to obtain the ransom, but the Queen struggles to choose between two favourite men and the expense of rescuing them.
Her decision is to spend the money on a party and forget the prisoners. Edmund and Melchett agree to tell Ludwig how to reach her in exchange for their lives, revealing Nursie's habitual cow costume at fancy-dress gatherings. Ludwig departs for England, expecting to infiltrate the celebration. The captives cooperate at last, exploiting the guards' rigid routine to overpower them when their attention is elsewhere. They escape and reach the court while the party is still underway.
Edmund attacks the most convincing cow in the room, apparently killing Nursie. Her appearance elsewhere reveals that the victim is Ludwig: his flawless disguise gave him away beside her inept costume. The restored favourites receive a warm welcome and exchange familiar insults with their companions. That apparent victory is overturned after the credits, when the court lies dead and Ludwig appears dressed as Elizabeth. The master of disguise has survived Edmund's attack and prepares to practise the Queen's voice.