Chapter 692 is titled "The Assassins from Dressrosa".
Caesar is defeated by Luffy's new attack, sending him flying through the wall. The brokers, who are all still watching, show mixed reactions, with one declaring the whole experiment to be a joke, and another saying the whole world has problems due to an "alliance".
Most of the Straw Hats and Marines arrive at building R where Luffy is, thanks to Usopp taking over the control room and using the intercom and shutters to guide them. Kin'emon has been petrified after attempting to run through the gas cloud, and is being carried by Brook. Law becomes angry at Luffy that he knocked Caesar away instead of capturing him. He says that he will capture Caesar himself.
Meanwhile Joker's assassins, Baby 5 and Buffalo arrive at Punk Hazard. Buffalo, using his Devil Fruit ability, blows away some of the island gas. They find an unconscious Caesar flying out of the build on the tanker, and are ordered by Joker to get him back to Dressrosa. Before they can continue, however, they encounter Iron Pirate General Franky. Franky sees them and thinks Buffalo is a bird.
Luffy is getting ready to hit Caesar with an all out attack. Caesar is begging for mercy, even offering Luffy a job in his organization. Luffy hits Caesar square in the stomach with Gomu Gomu no Grizzly Magnum, knocking him through the gate to the R-66 corridor and into the darkness beyond. Throughout the New World, brokers are watching with mixed reactions. One calls it a joke, another gets mad at Caesar. Tamago decides it would be a good idea to inform Big Mom about what transpired. Another broker declares that Joker is going to make his move. One broker tells someone to inform someone named "Jack ", while the person he is talking to states things are going to get bad. Another broker points out that there's an alliance and orders someone to report to the New World, saying it is not just an issue for the underworld anymore. Killer simply watches pensively.
On the second floor of building B, Chopper and the G-5 medical squad are carrying Mocha. Usopp talks to him over the intercom. He tells Chopper to take the stairs on his right and to close the gates to building R. Brook runs after Chopper, carrying a person encased in Shinokuni. Brook cries that Kin'emon was hit by the gas and died. He explains they were checking the testing rooms for any children left in them, and a girl told Kin'emon that his son turned into a dragon. Kin'emon ran back in an effort to find his son, thinking he had cut him earlier, and fell victim to the gas. Meanwhile, Usopp disposes of a group of Caesar's subordinates. Nami runs into building R and is happy to see Luffy. She asks if Brownbeard is ok, and Luffy says he is before quickly correcting himself. Momonosuke is relieved to see that the children are safe, and Luffy smiles, saying he told him his friends would pull through. Sanji, Zoro, Robin, and the children with them are following close behind Nami. Robin and Zoro are worried that Chopper won't make it to the building in time. Everyone is now convening in building R.
Smoker asks Law if he needs something. Law tells him that that is a rail car used to haul SAD. Everyone needs to get on it to escape. Luffy is happy to see Law, and the Marines are overjoyed to see Smoker. Law asks where Caesar is, and Luffy points down the dark corridor. Law gets angry, saying the plan was to kidnap him. Luffy tells him about his total indifference, which bothers Law even more.
Earlier, off the coast of Punk Hazard, Baby 5 and Buffalo are headed to the island. Baby 5 vows to kill Joker when she returns, along with the rest of the town for what he did to her fiancé. An infobox introduces her and says she ate the Buki Buki no Mi. She goes on to say that this is the eighth time Doflamingo has killed the man she loved, destroying eight towns in the process. She wonders why he wants her to be miserable. Buffalo, the giant man she is riding on, says it is Doflamingo's way of being protective like a big brother. Buffalo's infobox says that he ate the Guru Guru no Mi. He goes on to say that she needs to learn to say "no" more often. She has a flashback to a sloppy-looking man giving her a flower, calling it love at first sight and asking her to marry him. Baby 5 tells Buffalo that no one can say no to a marriage proposal. Buffalo tells her she gets attached too easily, citing the fact that she reads fifty different newspapers, is too quick to give out money, and is just as quick to spend it. He asks her how much debt she is in. Baby 5 responds that she only owes 98,000,000 and tells Buffalo to drop the issue, instead Buffalo asks to borrow another 2,000,000. He tells her he wants to go to the casino when they return. Baby 5 tells him he can have it as soon as they finish the mission. As she says this, Punk Hazard appears below them.
Baby 5 wonders if the gas will go away if she fires one of her weapons. Buffalo tells her to jump off and that he will take care of it. She does so and he uses his rotating abilities to act as a fan and dispel the gas, calling it Squall Matasaburo. Dispelling the gas uncovers the tanker ship, and they decide to wait there for Monet, Caesar, and Vergo when all of a sudden, the tanker explodes. At first they thought it blew up, but then they realize something hit it. They are even more surprised when that something turned out to be Caesar Clown. Buffalo calls Doflamingo to report it. Doflamingo is surprised at first, but then smiles. He orders Buffalo to recover Caesar and return to Dressrosa immediately. Buffalo wonders about Monet and Vergo, but Baby 5 tells him Joker must have his reasons. Doflamingo is laughing under his breath, saying that with Caesar again in his custody, he can continue to make SAD. While going to collect Caesar, Baby 5 sees someone on the deck of the tanker. Buffalo tells her anyone surviving the gas was an impossibility. To their surprise, the robotic Iron Pirate General Franky emerges from the rubble instead, and looks curiously at the "bird" heading toward him.
- Luffy demonstrates a new Gear Third attack called "Gomu Gomu no Grizzly Magnum", knocking out Caesar Clown in the process.
- The brokers dealing with Caesar discover his defeat.
- Kin'emon falls victim to Shinokuni.
- Brook's skeleton body seems to be able to survive Shinokuni, as he was able to recover Kin'emon's petrified body.
- Usopp's Kuro Kabuto can become as big as his old Kabuto.
- Smoker and Law find a rail cart used for SAD that can carry everyone through the corridor.
- Everyone except Chopper, Brook, Kin'emon, some of the G-5 Marines, and Mocha, reaches Building R.
- Baby 5 and Buffalo arrive at Punk Hazard.
- The reason Baby 5 hates Doflamingo is because he killed every one of her fiancés.
- Baby 5 is revealed to have eaten the Buki Buki no Mi, making her a human weapon.
- Buffalo is seen for the first time and revealed to have eaten the Guru Guru no Mi, making him a rotation man.
- Franky is seen outside the lab in Iron Pirate General Franky.