As the third series begins, Lovejoy returns to Felsham after a long break in Spain, where he was trying (without marked success) to learn to paint. He quickly seeks out Tinker (who has joined a monastery), Jane, who has a new look, and Eric, now working as a security guard. Victoria Cavero, an old friend of Jane's, comes to stay, and Lovejoy loses no time in falling for her. Victoria wants to sell a South American gold ring, and the ring sets in motion strange events for Lovejoy and Jane, including safecracking, kidnapping, polo and betrayal.

Lovejoy is spending more and more time with Victoria, not so much on his business. Together with Jane and Alexander, he and Victoria go away for the weekend at a friend's cottage. Meanwhile, Lovejoy buys some drawings for a song and sells them to an art gallery for a good profit. He is shaken when the pictures are denounced as fakes - even the artist says they are not his, but Lovejoy is sure they are. What is going on?

A band called The Hothouse Flowers is due to appear at a local charity gig, and their manager is an old friend of Tinker's. Before going away with Victoria on a little trip, Lovejoy gets Jane to agree to take in the Flowers. Then, though, the organizer of the planned gig runs off with the money. One of the band decides to sell his valuable antique harp to make good some of the shortfall, but before Lovejoy can arrrange the sale the harp also disappears.Lovejoy works his way up to proposing to Victoria, but she turns him down and goes back to South America.