SHIELD operative Dum Dum Dugan meets with ex-KGB interrogator Dmitri Panshin at Euro-Disneyland in Paris; his object: to recruit the former Soviet torturer for the CIA. Though Dugan finds the task—and Panshin—distasteful, he follows orders to snatch up the spy before another power can hire him. When Panshin excuses himself to enter the restroom, he is attacked by an armored America calling himself Agent Orange. Dugan draws his gun but Titanium Man crashes through the wall and battles Agent Orange, wanting Panshin for his own faction. In the confusion of the struggle, caused mainly by Orange’s recklessness, Dugan is shot in the leg and Panshin escapes.
A short time later Captain America arrives aboard the SHIELD Helicarrier to meet Nick Fury. Fury introduces Cap to two top officers Col. Nate Thurman and Lt. Col. Tom Gittes. Cap has been briefed on his mission: he is to contact Panshin and protect him from Agent Orange if necessary. Cap is likewise disgusted with the plan to court the Soviet torturer but follows orders. Elsewhere on the carrier we discover his opinion is shared by Thurman and Gittes—and they are the ones behind Agent Orange, believing men like Panshin deserve death not reward for their Cold War actions. But Orange’s foul-up has drawn the attention of Captain America and Thurman is having second thoughts, despite wanting justice for his brother George who was killed by the Soviets.
In Prague, a disguised Cap watches Panshin as he meets his young son Sergei. Suddenly Agent Orange is on the scene, intending to shoot the Russian spymaster. Cap attacks the rogue American, recognizing the weak points of the Stark-designed armor. Orange’s sneering overconfidence negates the advantages of his armament and Cap is able to defeat him and pursue Panshin, who is escaping by car with his son. Titanium Man also appears on the scene and tries to snatch Panshin but Orange interferes again allowing T-Man to grab Sergei and fly off. Cap follows in a small SHIELD aircraft and Orange hitches a ride, shooting down T-Man and catching the boy to use as a hostage. Cap manages to save the disabled Titanium Man from crashing to his death in the street below. Cap then learns that T-Man is now working for A.I.M. SHIELD and A.I.M. hold a meeting to discuss the matter. The criminal science organization denies knowledge of Agent Orange, which is merely a weaponized version of a Stark-designed industrial mecha-suit. The antagonists are forced to cooperate to rescue the boy.
The next day, Dmitri Panshin surrenders to SHIELD to get his son back. The organization is contacted by Agent Orange who tries to give the impression he is working for Hydra. An exchange of Panshin for his son is arranged, and Gittes browbeats the increasingly reluctant Thurman into the next part of the plan. On the way to the rendezvous in Berlin, Cap questions Panshin about the enthusiasm with which he pursued his deadly craft; Panshin silently muses on the reason: his pregnant wife was killed in the crossfire between KGB and SHIELD agents…. In Berlin, Panshin is exchanged for Sergei, and Titanium Man is able to track Orange as he carries off the spy. Once the rogue agent is safely aboard the Helicarrier with his prisoner, Gittes calls a red alert, shutting down the craft, and his supporters seize control. Panshin is then put on trial before Gittes and his star chamber for war crimes. At this point Cap, Fury, and Titanium Man assault the Helicarrier and take on the defending agents. Cap takes on Agent Orange while lecturing the stupid kid inside the armor on the difference between fighting for the American people and serving a gang of thugs. Defeating the agent, Cap heads below and confronts Gittes’ court. The mad renegade orders his men to shoot Captain America but they can’t bring themselves to do it. Thurman, finally fed up with Gittes’ criminal tactics in pursuit of a warped goal, punches him out.
A month later we find that Dmitri Panshin is now working for the CIA and Nick Fury is facing an inquiry into the goings-on at SHIELD. So who’s the winner? According to Cap, it’s Sergei.