Two Dead Men is the second episode of the first season of the television series The Punisher.
A mysterious phone call force Frank's hand. Meanwhile, Madani goes digging for suspects and Curtis delivers a message.
In a flashback, Frank Castle takes his son and daughter on a ferry trip past the Statue of Liberty.
Castle goes to a diner where he orders food and reads a story about his massacre of the Gnucci Crime Family, written by Karen Page. While there, the waitress tells Castle there is a phone call for him. Surprised and suspicious, he takes the call. The caller claims to be another ghost and asks if Frank got the disc he left for him. While talking, Castle notices a flash of light from the rooftop opposite.
After the call, Castle leaves the diner then races to the rooftop to confront the caller. Reaching the roof, Castle finds a flashlight pointing at a mirror. A cell phone hangs from the mirror with a note saying "Don't disappoint me." Castle looks across to the diner and sees the caller on the roof before he leaves.
Back in his apartment, Castle watches the Micro disc. The contents of the disc disturb and anger him – it is a recording of an incident in Afghanistan where he was part of Operation Cerberus and shows the murder of Ahmad Zubair. Castle visits Curtis Hoyle; only a few people know that Castle is alive and he needs to be sure that they have no divulged the information. He also wonders how Micro found him.
At the Homeland Security Headquarters, Dinah Madani tells Sam Stein that she received a recording of Zubair's murder, but that the evidence was stolen. She is of the belief that Colonel Ray Schoonover and Castle are in the video, but since they are (to her knowledge) dead, she wants to talk to Billy Russo who served with Castle in Afghanistan. Russo now runs a private military company, Anvil. She convinces her superior, Carson Wolf, to schedule a tactical training exercise to bond with the team.
Castle goes to meet Page to make sure that she has not told anyone about his survival, disguising himself as a homeless man. Page takes him to her apartment and they talk, with Castle convincing Page to help him find out who this "Micro" is. Page starts digging through the archives at the New York Bulletin and finds reference to a "Micro" but no story attached to it. Questioning Mitchell Ellison, she finds out that Micro was an NSA analyst who was leaking classified information. However, no one could corroborate the story and it was dropped completely when Carson Wolf asked them not to as doing so would endanger an ongoing investigation.
Micro watches his family while in his hideout, looking at them through secretly placed security cameras.
At Anvil Training Facility, Madani, Stein and group of Homeland agents go through the tactical exercise. Following the operation, Madani meets with Russo and begins to question him. Wolf stops her, but Russo invites her to join him for a drink.
Page meets with Castle having got the information he needs. However, before she gives the name to Castle, she wants to know what he intends to do. Castle promises that if Micro proves to be no threat to him, then he will not kill him. Page provides his name – David Lieberman. According to records, Lieberman was killed by Homeland Security while resisting arrest.
Castle heads to the Lieberman household, where he engineers being hit by Sarah Lieberman's car. Sarah takes him into her house to treat his injury and they start to take over their deceased family members. Micro watches on his computer and panics, calling Castle on the phone he left him. Castle deactivates the phone, causing Micro to head over to the house. However, he does not confront Castle.
Castle shaves his beard and hair, and when he leaves his apartment he changes his walk to throw off gait recognition software. Heading to Wolf's home, he attacks him and knocks him unconscious. When Wolf comes to, he is tied to a chair and Castle begins to torture and interrogate him about Lieberman's whereabouts. Wolf insists that torture will not work; Castle shoots him in the leg. During the torture,
Wolf manages to free himself and grabs Castle's gun. While holding Castle at gunpoint, Wolf reveals some information about why Castle's family was killed then pulls the trigger. However, Castle knew that torture would not work so had made sure the gun was unloaded. Wolf revealed the information with duress and then Castle kills him.
Madani and Russo drink at a bar, and their conversation turns to Castle and their time in Afghanistan. Halfway through, Madani receives a call to attend to Wolf crime scene. When she arrives, Stein tells her that with Wolf dead, she is the ranking agent.
Reactivating the phone, Castle is contacted by Micro. Castle, now with leverage, arranges a meeting. He sends Micro to a location, then calls him to send him to another location, and so on to ensure that he is not followed. The final stop is the cemetery when Lieberman was "buried." However, Castle has enlisted Hoyle to meet Micro. Hoyle tells him that Castle has rethought the entire situation and does not want to meet. Furthermore, if Micro tries to contact him again, then Castle will visit Sarah again.
Despondent, Micro returns to his hideout. However, it was a ruse - Castle used Hoyle's distraction to sneak into the trunk of Micro's car. Castle gets out and punches Micro.