When $60 million worth of stolen diamonds destined for a relief charity end up in the hands of casino owner Jack Catlin, MacGyver must head to the Virgin Islands to try and get them back. With the help of Chris Rhodes, a senator's daughter, MacGyver masterminds a plan to break into Catlin's vault and steal them back.

When MacGyver comes home with some important documents, he's drugged by enemy agents and told that he will die in six hours if he doesn't retrieve the documents for them. But MacGyver, using an old prisoner trick, escapes. Now the only problem is convincing someone that he's not just another drunk.

MacGyver is on his way out of Bulgaria with a secret microfilm, when he meets Penny Parker, a beautiful, talkative American, who is on the run from her lover, a man named Stephan Frolov. She stashes some jewels on MacGyver, thus making him a suspect, and now MacGyver and Penny must flee Bulgaria together.

Posing as a watchmaker who manufactures bomb timers, MacGyver manages to catch a master killer—Piedra—before he attempts an assassination on a high-profile target. However, Piedra isn't about to be stopped for long.