As Xena and Gabrielle try to free a large group of slaves, they go undercover to take down the massive slaver operation from within. Gabrielle posses as a wealthy and powerful noble in the market for new slaves or "merchandise". And Xena goes undercover as a slave. Things seem to be going according to plan until Xena allows herself be put up for auction in an effort to weed out the person running the whole thing and Gabrielle is unexpectedly out bid. Xena is then forcibly taken and held as an actual slave by the person running everything. After a confrontation involving some of the guards, Xena's "owner" sees Xena's fighting skills and is impressed. He eventually decides to offer Xena a chance to win her freedom if she can complete a series of battles against his best fighters that help him find and capture his slaves. Soon Xena is an arena fighter by day as she and Gabrielle secretly work to tople the slave empire behind the scenes.