Daredevil intercepts Ox and the Eel as they are robbing a store, pretending that they are filming a movie. During their battle, they are joined by their boss, Mr Fear, who fires a gas pellet at DD, suddenly making him anxious to escape. Daredevil runs away, later reflecting on what it was that made him so scared that he had to escape.
Next, we encounter the owner of a waxworks museum, Zoltan Drago, who we learn had been attempting to mix chemicals in order to create something to bring his waxworks to life. When his cat accidentally tips over a jar of chemicals into a bunsen burner, he realises that the fumes it gives off create fear in anyone smelling them. Drago then becomes Mr Fear and recruits Ox and the Eel as his henchmen, figuring that neither is a threat to his leadership.
Drago then creates a new waxwork of Daredevil, hoping his nemesis will come visit his museum. Indeed Matt Murdock, along with Foggy and Karen, visit and, whilst there, Matt senses the fear gas, whilst Foggy catches a glimpse of Ox. Both independently decide to return later to see what's going on.
Daredevil arrives at the museum and is soon involved in a fight with the three villians. Whilst this is going on, Foggy appears and attacks Mr Fear, ripping off his mask. Ox, in turn knocks Foggy out and the three escape, Daredevil staying with his injured friend.
Anxious that Foggy knows who he really is, Drago and his henchmen, dressed up as medical staff, go to the hospital to 'silence' Foggy. Matt, thinking that Mr Fear will try to attack Foggy, guards over his colleague as Daredevil, battling them when they do appear, turning off the lights in the room to gain advantage over his foes.
Daredevil having the upper hand, the villians return to the waxworks museum, now intent on leaving town. However, Daredevil is already there. He throws a bucket of sand agains the slippery Eel to thwart him and then deceives Ox into knocking himself out. Realising that Mr Fear's gun is used to transmit fear gas, DD stands in front of a fan that wafts the gas back towards Drago and is then able to apprehend his scared foe.