While on an expedition to find a Spanish treasure fleet, Dr. Barbara Ortega's boat is hi-jacked by modern-day pirates. They steal the small amount of treasure that she has already found - including the ship's log, which is the key to finding the whole fleet - and take off. When she makes it public that she was hi-jacked, the Phoenix Foundation sends MacGyver to help. Now, MacGyver and Barbara must recover the ship's log, so she can find the treasure before the pirates do.

ALF hits his head and is convinced he is an insurance salesman. The Tanners try reviewing past events to try and jog his memory.

The Tanners continue to try and jog ALF's memory, and deal with the police at the same time.