After last week's jaw-dropper, we found out it was Rebecca who was playing Neal all along.
At the end of last week we found out it was Hagen who Rebecca was working for. In the first episode of the season, when Neal went for her help at the museum, it was Hagan not Neal who had really organized the whole thing. However, they are onto her, but they don't want to let her know that. Peter and Neal think Rebecca killed Hagan one day when he was following her. They need to first find out why Rebecca teamed up with Hagan in the first place.
Elizabeth thought her and Rebecca could become friends, so naturally she was shocked when the truth was revealed. Peter took Elizabeth out of the city after finding out that Rebecca had a file on everyone in order to get the treasure. Mozzie was also shocked, after all he was the one that vetted her.
Rebecca came to the apartment after everything that went down, wanting to talk to Neal. Both not wanting to let the other know they know, they continued the loving relationship charade. While they were talking, Peter and some agents were searching her apartment. One of them triggered an alarm, which alerted Rebecca's phone. To get her to stay a little longer, Neal told her he loved her.
The agents placed cameras in her place, so Peter, Neal and Clinton were able to watch her as she called Neal. She left a message saying she loved him too. Neal dismisses this, but Peter really believes her. They were watching her begin to pack up boxes, not for escaping, but packing all her aliases, which means she wants to remain Rebecca.
The team decided to set up a sting, using the fact that she loves Neal. They make it look like Neal is up for Hagan's murder, so they called her in as a witness. She told them nothing, but told Neal he was in danger. Neal told her he needed to get away, but he couldn't take her. She was going to reveal herself to Neal, but saw the feds watching her, so she ran. They returned to her apartment looking for clues, but Neal was shot by her. Not enough to harm him, but Neal realized she was trying to hide something, so he returned to where he was shot. He found a money stash.
Rachel Turner, a former MI6 agent, left the service to work underground, where the true money is. Knowing Rachel would still want the diamond, Neal said he wanted to find it together. Neal persuaded her that he really did care and wanted to find it together, but just enough to handcuff her. She had a gun and used it to shoot herself out of the cuffs. The team showed up and arrested her. The gun she had was the one used to kill Hagan, she they charged her for murder. After she was placed in prision, she called Neal, telling him the game wasn't over.
Peter was offered and decided to take a job in Washington, leaving Neal and Mozzie free to do as they please.
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