When Archie brings back a mysterious necklace and a story about strange glowing eyes after a dive, the gang tracks down the legend of the ghost crew of a sunken ship, and the treasure they guard. Imagination ignited by greed, Reggie steals the pendant and Veronica's yacht so that he can go diving and take the treasure for himself. However, it turns out the treasure isn't the only true part of the legend.
This episode includes examples of the following tropes:
- Barred from the Afterlife: The pirate ghosts are cursed to stay with the treasure, guarding it. Once the treasure and their ghoulish forms are burned by the lava, they finally move on.
- Death by Materialism: Reggie nearly kills himself trying to get the treasure due to a curse on it; he would have if not for Archie and Betty pulling him away from it. Not so much for the zombie pirates who returned to claim their treasure and were so consumed by greed that they burned with the treasure when it fell into a lava fissure.
- Disney Death: Reggie loses one of his flippers to a shark while treasure-hunting. While looking for him, Archie and Betty happen on the same shark, briefly convincing them he's dead.
- Don't Eat and Swim: Jughead declines to go scuba diving and look for Reggie because he just ate.
- The Friend Nobody Likes: As often happens, Reggie irritates the others. Veronica even asks whether any of them cares about tracking down Reggie when it begins to storm while they're looking for him. Even Archie and Betty have to admit that Reggie doesn't give them much inspiration to do so. Ultimately, Archie answers that that's what friends do, even when friends do something stupid like Reggie just did.
- Glowing Eyes of Doom: Anyone under the curse of the treasure gains glowing green eyes.
- Improvised Weapon: Betty and Veronica use a scuba tank and a shell to defend themselves from the ghouls.
- I Warned You: Jughead keeps trying to warn Reggie that he accidentally is rubbing Veronica with mayonnaise instead of sun lotion. He smugly remarks this to Reggie after they realize this mistake.
- Monster of the Aesop: Reggie succumbs to greed just like the ghost pirates guarding the treasure. Only Betty and Archie's interference keeps him from killing himself along with the ghosts.
- Similar Item Confusion: Reggie accidentally picks up Jughead's mayonnaise in the middle of rubbing sun lotion onto Veronica's back. She makes a noise of disgust when she figures it out.
- Threatening Shark: In addition to the ghost crew, any aspiring treasure hunters will have to deal with sharks that swim around the wreck. Reggie loses a flipper to one.
