At this point in time there is no character named the Fly in the world of Spider-Man. This is a TV-creation. We shall see what they do with this concept.
3 AM in New York City. Just as Spider-Man begins to say "All is well", he hears a scream from the Walden Hotel. Spider-Man investigates and discovers that the thief known as the Human Fly appeared in the visiting Countess Pulinski's room and tried to steal her jewels. Spider-Man promises to capture him.
This proves to be easier said than done. The Human Fly has many of the same powers as Spider-Man and is able to stay one step ahead of him. The Fly finally eludes Spider-Man by luring him out on a specialized cable between two buildings. When Spider-Man is halfway across, the Fly quickly reaches the other side and cuts the cable. Spider-Man manages to save himself, but the Fly is nowhere to be seen. Spider-Man returns to the Walden to give his report to the police. He is shocked to learn that the Human Fly returned and stole Pullinski's jewels.
The next day, the Maharajah of Jhin Jamir returns to the US. Peter realizes that such a high-profile individual would be a logical target for the Fly given his assorted of rare jewels. While patrolling the city that night, he finds the Fly but once again is unable to capture him. The following morning Peter is caught off-guard when he learns that the Maharajah's jewels were stolen that night from his suite by none other than the Fly.
Desperate to catch the Fly, Spider-Man warns another visiting celebrity - eccentric millionaire Mr. Flintridge - that he may be the next target. His reputation to keep his money on hand may be too tempting for the Fly. This proves to be correct and Spider-Man is able to catch the Fly red-handed. However he learns the hard way how the Fly is able to be in two places at once: there are two of them.
Peter theorizes that the next target will the Updike-Worthingtons who are in possession of a rare jeweled dagger and scabbard. Peter arrives at their mansion with the understanding that he's taking taking pictures for the Daily Bugle. The truth is that he's planting a spider-tracer to follow it to the Flys' hideout. His gamble pays off and the tracer leads him to an abandoned amusement park.
Prior to his arrival, the Flys (who are revealed to be twins) discover his tracer and have prepared a special greeting for him. A platform launches him into a waiting roller coaster car. The car begins to move along the track until it reaches the point where the track has collapses. His spider-agility allows him to escape his death and land on the nearby ferris wheel.
From his vantage point, he spots the Flys attempting to leave with their spoils. Wanting to enjoy a small degree of payback, he covers them with his webbing and attaches it to the ferris wheel. He turns on the ride, which slams them into the ground repeatedly until the police arrive.
The abandoned amusement park used as the Flys' hideout was also used by Electro in his first appearance. Much like that episode, there was some a roller coaster of death that failed.
Also surprising the real Maharajah of Jhin Jamir makes his first appearance. He was referenced in "The Fabulous Fakir" episode.
I'm thinking that perhaps Spidey went a tad overboard with his payback at the end.
3.5 webs. A quick but enjoyable segment.