Apparently, Kenzi wasn't paying attention when Bo's adventure playing detective went haywire, 'cause she's been advertising Bo's "services" as a paranormal private eye all over town. Kenzi manages to make Bo see the sense of it - they have no other marketable skills between them - just in time for them to meet with their first client. A college student, Gina, has gone missing just before pledging for her sorority, a day she was super excited about, and her mother pleads with Bo to find her.
In order for Bo and Kenzi to begin the search, they'll need to go undercover on Gina's campus, Bo as a security guard and Kenzi as - gag - a pledge at Kappa House, the sorority that Gina was hoping to join. Bo enlists Dyson's help with their covers - help that, after their passionate session of "healing," Dyson is only too happy to give - and she goes to work for an overzealous security guard named Wayne.
Bo learns that the dean of the college has kept the girl's disappearance hush-hush, and that there's a whole list of girls who have gone missing. Also, while combing the school grounds, Bo finds Gina's necklace near a deep, dark sinkhole, a discovery that leads her to find that the college has a system of underground tunnels. Kenzi has been less successful: Other than the discovery that the Kappa girls keep their basement off-limits, all she's found is that she's allergic to the color pink.
The next day, Bo meets with Dyson at the Fae tavern, where her mention of Kappa House rings a bell. He asks her to keep in touch as she sets out on a night investigation of the tunnels, and gives her a deep kiss. This doesn't escape the notice of Trick, who tells Dyson to step away and keep his objectivity.
Bo, alone in the woods, finds all the entrances to the tunnels locked shut, and when she doubles back on her path, she runs smack into Wayne, who tases her and drags her to an underground lair. Wayne has thrown Gina there, too - fresh meat for Wayne's captive Fae, called a kappa. When Bo questions Wayne's motives for kidnapping her, Gina and all the other students on the list she found, Wayne reveals that the glowing green pool in which the kappa lives contains an element that keeps Wayne young and vital. Bo tries to get away, but Wayne has chained her wrists to a rock.
Though Dyson heeds Trick, he starts to worry when he hasn't heard from Bo. He and Kenzi team up and trace her path, and Dyson, using his Fae powers, senses another scent - Wayne's - with Bo's. He transforms into a white wolf, races through the woods, finds Wayne, and makes short work of him. He then leads Kenzi to the kappa's lair and lops off the monster's head just before it sucks the vital energy right out of Bo.
Back at home, Bo tries to make sense of it all - not just the strange case, but also her romance with Dyson, an entirely new experience for someone who hasn't had a lover live through the first night in...ever. At Kenzi's urging, Bo heads down to the tavern to tell Dyson how she feels, but when she arrives, she sees Dyson kissing another woman. He was trying to put some distance between them, but his clumsy tactic has done more than he hoped. As Bo walks away, Dyson casts a glance at Trick, uncertain if he can live with what he's done.
Kenzi proves, with the ultimate gesture, that she€™s the best friend a succubus could ever ask for.
Dyson accompanies Bo to investigate the source of all evil only to have the script flipped on him.