Billy the Kid season 3 episode 2 ending explained: Are Billy and his Regulator allies ambushed?

Billy the Kid season 3 airs its second episode, "Two Shots," on MGM+ on October 5, 2025, and continues to welcome viewers back into the violent New Mexico Territory of the 1870s.

The narrative tracks the life of William H. Bonney, better known as Billy the Kid, an Irish immigrant who becomes an outlaw in his youth - specifically, a participant in the brutal Lincoln County War. Tom Blyth portrays Billy, balancing emotion with a rough exterior.

The cast includes Daniel Webber as the tormented Jesse Evans, Nuria Vega as the fierce Dulcinea del Tobosco, Alex Roe as Sheriff Pat Garrett, and David Cubitt as the scheming Thomas Catron of “The House.”

Episode 2, “Two Shots,” opens with a heart-pounding ambush that flips Billy’s plan to trap Garrett into a deadly betrayal by Miguel Otero (Hugo Raymundo).

Were Billy and his Regulator allies ambushed? Yes. Miguel, a reliable partner, becomes their betrayer, reversing the trap they set for Garrett into an ambush.

The parting shot of the episode, where Billy murders Miguel, crystallizes Billy's descent into being a legendary figure, marking his swift revenge. 

Season 3 opens with Billy escaping jail, thanks to Dulcinea, and hiding in San Patricio with his Regulators, Juan Patron (Javier Lacroix), Freddie Waite (Josh Cruddas), and Doc Scurlock (Sean Owen Roberts).

They aim to dismantle The House, a corrupt group led by Catron and John Riley (Shaun Benson), who fuel the Lincoln County War after John Tunstall’s murder. Dulcinea tells Billy she thinks she’s pregnant, adding urgency to his choices, though he urges her to consider fleeing to Mexico.

Jesse Evans, jailed after a botched heist, starts a riot to see his lover, Ana Baca (Jasmine Vega), only to face her death later.

Catron plots to remove Governor Lew Wallace (Anthony Lemke) and seize Riley’s ranch.

Miguel Otero, claiming his sister died fighting The House, wins Dulcinea’s trust and offers intel on Garrett’s posse.

Billy, hopeful, plans an ambush on the White Oaks road, but Miguel suggests a rear-flank attack, raising doubts.

The episode ends with Billy eyeing escape with Dulcinea, while Freddie watches the horizon, unaware of the coming betrayal.

Billy the Kid season 3, episode 2 ending explained: Betrayal in the dust

Episode 2 opens with chaos as the Regulators, set to ambush Garrett, are attacked from behind due to Miguel’s betrayal.

Bullets tear through the air; Juan takes a hit to the arm, and Freddie gets shot and eventually dies.

Billy nearly kills Garrett. Outnumbered, the Regulators flee to Fort Sumner, finding shelter with Pete Maxwell (Shaun Smyth).

At Maxwell’s, Billy, regrets his decsion to trust Otero which costed Fred and other's lives. George vows to fight on, but Billy knows Miguel will lead Garrett to San Patricio next.

Dulcinea, tending the injured, stands firm, her eyes fierce despite the weight of her pregnancy. Charlie Bowdre (Horatio Hirst), a new ally, warns of Lincoln’s growing unrest, urging Billy to gather more men.

Elsewhere, Jesse buries Ana, killed by Saturnino Baca (Zak Santiago), whom Jesse then kills. He confesses to Garrett, accepting a deputy badge, his loyalty to Billy fraying.

Emily, Catron’s daughter, grieves her husband Edgar Walz’s suicide after clashing with her father, suspecting murder.

Major Murphy (Vincent Walsh), broken by grief, gives Riley his House shares before collapsing, possibly from a heart attack. Riley, facing foreclosure from Catron, burns the notice in defiance.

The episode’s climax unfolds with chilling precision. Billy, separating from his gang, rides alone to a poor town where Miguel is hiding. 

In a dark cantina, thick with cigar smoke, sit men around tables, and Miguel sits in a corner smiling disloyally from the coin he earned for his betrayal.

The guys can sense a storm rolling in. Billy steps through the swinging doors, hat low, eyes staring, as hard as flint. Miguel's smile falters.

His hand moves slightly to his gun, but Billy draws faster, the booming shot ringing out in the cantina and hitting Miguel straight in the heart.

Miguel drops to the ground with blood pooling out on the rough floor and eyes blank with despair. 

Miguel’s motives, perhaps greed or a deal with The House, remain unclear, fueling fan debates on X. Was he bought by Catron’s coin, or was it a personal grudge?

The ambush scars the Regulators, thinning their ranks and hardening Billy’s heart. Dulcinea’s loyalty anchors him, but Jesse’s drift to Garrett’s side signals fractures ahead.

Hirst crafts this betrayal as a turning point, stripping Billy of allies and pushing him toward his mythic, tragic end.

The cantina’s echo, gunshot, silence, and solitude set the stage for a season of reckoning.

Billy the Kid season 3, new episodes air on MGM+ on Sundays at 9 p.m. ET.

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