The Dual Timelines Unveiled: The Lake View Motel murders in 2000 committed by serial killer Ji Hyang-cheol caused Koo Sang-jun’s life to collapse; his wife died by suicide, and his son Gi-ho grew up isolated with a burning drive for revenge.
The Crime in 2021: Yoo Seong-a married a wealthy man, Ha Jae-sik, but despised his young son Si-hyeon from a prior relationship. She took the boy to Yeong-ha’s remote rental home, murdered him in the bathtub, disposed of the corpse in the deep woods, and painted over her crimes. Yeong-ha discovered blood traces on the vinyl player and deleted dashcam footage of her departure, burying the truth to avoid ruining his business.
The Climax & Convergence: A year later, Seong-a returns, treating the lodge as her domain. When Yeong-ha attempts to force her out, she targets his pregnant daughter Ui-seon. Concurrently, Gi-ho stalks Ji Hyang-cheol, who is transferred to a hospital, and assassinates him with a precision rifle. Yeong-ha discovers Gi-ho’s identity and, recognizing in him the tragedy of a fellow "frog," covers for him.
In the series finale, Seong-a’s father cuts off her legal protection and informs Ha Jae-sik of her whereabouts. Jae-sik corners Seong-a at Yeong-ha's pension; after a chaotic violent struggle, Seong-a is fatally shot, tumbling lifelessly into the guesthouse pool. Detective Bo-min confirms the evidence, closing both decades-long case files. Yeong-ha finally finds peace, no longer looking away from the falling tree.