Season 1 of Decoy premiered on January 27, 2023.

Eight years ago, Noh Sang Cheon, the mastermind of a financial fraud scheme that duped tens of thousands of South Korean victims into investing billions of dollars' worth of their savings into a bogus project, went on the run. He attempted to evade the law by escaping to China and the nation was rocked when news of his death broke. Now, almost a decade later, a justice-loving police detective named Goo Do Han makes a startling discovery.

In the course of investigating a domestic murder case, Goo Do Han finds evidence implicating Noh Sang Cheon as a suspect. How could it be that this fraudster—thought to have died years ago—is linked to the case? It falls to Goo Do Han to try to determine if Noh Sang Cheon is actually dead or not. If he is dead, who could the real murderer be? If not, where was Noh Sang Cheon hiding all this time? As the detective continues to investigate, he begins to wonder if there might be a link between the fraud of eight years ago and the mysterious murder.

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