Peter broods about seeing Gwen and Flash together. When Harry brings Flash home, Peter attacks, easily lifting Flash in the air. However, Flash explains he met with Gwen because she was worried about Peter. Pete then calls Gwen who gives him the brush-off until he admits to being a “lunkhead.” She invites him to the Midtown Museum’s new art exhibit, guarded by her father. Once there, Peter pulls Gwen aside for an intimate moment but is interrupted by the passing Captain Stacy who doesn’t seem to recognize them. Soon after, all of the valuable “private room” paintings are stolen. Stacy is nowhere in sight. Returning home, Gwen finds her father dazed and claiming he never left the house. Meanwhile, the Chameleon gloats over sneaking into the Stacy home, putting knockout drops in Stacy’s decanter, and impersonating him to then steal the paintings. At home, Peter realizes that the thief must be the Chameleon. As Spider-Man, he convinces Joe Robertson to print a front-page story about a million-dollar bond transfer to draw the Chameleon out. The next day, Peter, covering the story, slips away and, as Spider-Man, crawls through air vents to the banker’s meeting room but is spotted. Taking a chance, Spidey claims he knows which banker is secretly the Chameleon, but his bluff fails and he grabs the wrong man. Jonah Jameson and the police enter, forcing him to exit. Waiting outside, Spider-Man spots the man who must be the Chameleon: Peter Parker, who fl ees, trying to steal a car. Spidey stops him and removes his Parker mask, revealing the Chameleon beneath. Jameson asks how he knew the Chameleon wasn’t the real Peter Parker. Spidey, of course, won’t tell.
Incorrect footnote lists Spidey’s last meeting with Chameleon as ASM #2.