Lupin gets an eyeful of Fujiko enjoying some treasure she has stolen, pooh pooh'ing her boring treasure. He tries to impress her with roses made of alexendrite, a jewel that changes color, but she says that is only good enough to see what he already got a good look of. Instead, she challenges him to steal the largest alexandrite jewel, then changes her mind to recovering a red-winged peacock, which grants great wealth to the possessor, from a newly discovered pyramid.
Meanwhile, Jigen is on a boat to Egypt but can't seem to get away from his past, remembering the ancient Egyptian legend that only those with a heart lighter than a feather may be reborn. His bag gets stolen in a scam, and in search of money, he takes on a job to find the peacock, though he warned that a blue-winged peacock means death. Upon entering the pyramid, he triggers the curse of the pyramid, but he sees through them and discovers Lupin set them up to get rid of competition. Their fight is largely a stalemate until Lupin appears to be crushed by traps not of his own manufacture.
Jigen continues on, fighting his way past a trap of giant statues, and arrives at the main tomb. However, Lupin is close behind. When Jigen stole Lupin's Walther, Lupin stole Jigen's spare bullets, gave him some exploding ones, and let him trigger the statue trap. Lupin weighs his heart and finds it light enough to open the sarcophegus.
However, this only dumps them into a trap designed to squeeze the blood out of anyone who falls in. Fujiko watches from above and tells Lupin to sacrifice Jigen to disarm the trap. Lupin is jealous of what Jigen might have done with Fujiko while Jigen asserts she is bad news.
Fujiko hears gun shots and waits to see whose blood will open the way for her, but the blood is blue; Lupin and Jigen dumped the mummy full of scorpions into the trap. A door reveals a giant alexandrite peacock, but when Fujiko grabs it, it triggers another trap. Lupin finds a way out, but the key to the exit is the peacock. Fujiko leaves the peacock only because there's no way to take it with her. As she drives off, she says to Lupin that the bar to impress her has been raised even higher. Lupin and Jigen are about to resume their fight but call it off until some other time.