At the start of this issue, Spider-Man is hanging outside in the rain, listening to the police interrogating the Enforcers, whom he defeated last issue. Despite the police's questions, the Enforcers refuse to say anything, and the Ox attempts to break out. Unfortunately, upon smashing the glass of their holding area, some gas is released, knocking out all of the Enforcers. With no chance to find out the answers to who hired them or how they knew that Spider-Man would respond should the students of Empire State University be in danger, Spider-Man returns home and changes to Peter Parker. Unfortunately, for him, the ceiling falls in due to the rain coming in through the skylight and weakening it, earning him the rage of his landlady, Mrs. Muggins.
Meanwhile, in an abandoned factory with a sign saying "Light Inc." and a giant light bulb ornament on the sign, the mystery man who hired the Enforcers looks over the results of their battle with Spider-Man. He says that during his time in prison, he has been working out a way to totally destroy Spider-Man, by discovering his secret identity and revealing it to the world. He then says that he knows that Spider-Man is Hector Ayala, having mistakenly thought so due to events in the previous issue. The mystery man is then revealed to be Lightmaster, who wants revenge on Spider-Man since he inadvertantly turned him into unstable energy, and that he now needs to be surrounded by light at all times to stay alive.
The next day at Empire State University, Peter Parker is being introduced to Hector Ayala and his girlfriend Holly Gillis by Flash Thompson, who is friends with them, when Lightmaster unexpectedly attacks Hector, still thinking that he's Spider-Man. Without knowing it, Lightmaster knocks Hector's amulets which allow him to turn into the White Tiger away, thus leaving Hector at his mercy. As Lightmaster rants on about how he supposedly discovered Spider-Man's identity, Peter Parker manages to get a spider-tracer on Hector, allowing him to track him when he has time. Lightmaster then announces that it's their last look at Spider-Man until that night, giving Peter Parker only hours to stop Lightmaster before his plans occur. Holly then leaves due to her worry of Hector getting hurt, but before doing so, gives Peter Hector's amulets to give to the police. As she does so, Peter recognises them for what they are.
That night, Peter is in his Spider-Man costume, and manages to find Lightmaster's base without too much trouble, since Lightmaster didn't bother covering his trail. Inside the factory, Hector is trying to convince Lightmaster that he isnt Spider-Man, as he's getting sick since he doesn't have his amulets. Lightmaster assumes that Hector is stalling for time, and then uses his powers to broadcast into televisions everywhere, announcing that he will reveal Spider-Man's identity. The real Spider-Man, meanwhile, gives Hector his amulets, allowing him to turn into the White Tiger, to the shock of Lightmaster. Watching this on TV, Holly says that she hates Hector, since she thought he was in danger when he never really was (in her eyes, anyway).
Spider-Man then starts attacking Lightmaster, and Lightmaster angrily retaliates. With little room in the warehouse, Spider-Man escapes through what he thinks is a ceiling vent, only to find out too late that it leads to the giant light bulb in the sign of the factory. Lightmaster then starts increasing the heat of the bulb, in order to fry Spider-Man, but he is attacked by White Tiger. This causes Lightmaster to overload the city's back-up power systems, taking out all of the electricity in the area, leaving Lightmaster without light, essentially destroying his molecular structure.