A treasure hunt fueled by secrets, betrayals, and buried pasts (Photo: Bandidos/Solly V. Bianco)

Bandidos Ending Explained: Greed, Betrayal, and Hidden Riches in a High-Stakes Treasure Chase

Miguel races against time with a map and a mission.

Rather than waste time, Miguel Morales (played by Alfonso Dosal), son of respected archaeologist Juan Morales (Bruno Bichir), moves quickly once he discovers a map pointing to the legendary Aj Took treasure, which also holds the old Kaan Balam artifact.

He brings together a team that includes his uncle Wilson, his ex-lover and trickster Lilí (Ester Expósito), skilled hacker Lucas (Juan Pablo Fuentes), and expert diver Citlali (Andrea Chaparro). Eventually, mercenary Octavio (Nicolás Furtado) and police officer Inés (Mabel Cadena) also become part of Miguel’s group.

Old flames and new allies clash on the path to Aj Took (Photo: Bandidos/Solly V. Bianco)

All were determined to recover the treasure that Spanish Conquistador Francisco de Montejo had hidden long ago. However, this isn’t an ordinary search — the group also has to deal with a disfigured mobster who shares a difficult past with Miguel and his father.

Although his name is never disclosed, the deep burns covering half of his face make him resemble the DC villain Two-Face. The man works under Ariel Tavitiun (Andres Baida), an archaeologist and Juan’s adopted child.

At a point where they’re left with just one of the three keys supposedly made by Francisco and his allies, Miguel and the crew rescue Juan from Ariel’s captivity, and then proceed to the pyramid where the treasure is believed to be hidden.

Trouble begins again when their pilot betrays them in mid-air and parachutes away, forcing the group to realize one of their own is working against them. Though they put their quarrels aside and escape a near-death crash, their arrival at the pyramid reveals the burnt-faced man got there ahead of them.

Even worse, Lilí’s betrayal comes to light — she’s been assisting Ariel and had deliberately sabotaged Miguel’s progress.

How Is the Mobster Connected to Miguel?

Inside the pyramid, the group is trapped by the mobster, while Lilí returns to Ariel holding an old letter of apology written by Francisco to her lover. Thankfully, Octavio, who stayed behind to stabilize the plane, arrives just in time to save them from certain death.

On the other end, Lilí and Ariel figure out that Francisco’s treasure never reached land because one of his ships went missing at sea. But just as Ariel thinks he’s close to his goal, Lilí’s real motive becomes clear — she’s been loyal to Miguel all along.

Meanwhile, the burnt-faced mobster breaks ties with Ariel and storms into the museum, where Wilson gets fatally stabbed while trying to protect Miguel. Their confrontation at the museum leads to a shocking confession.

The mobster blames Miguel and Juan for the burns on his face, which happened during an archaeological trip when Miguel was still a boy. That truth finally comes to light in Episode 6, titled “The Traitor,” just before the mobster leaves both Ariel and the rest to die.

Luckily, with assistance from Octavio and Inés monitoring the security system, everyone manages to survive.

Do Miguel and His Friends Find the Treasure?

Even though Miguel wants Wilson to get medical help, Wilson insists they chase the treasure instead. He opens up about his cancer diagnosis and explains he prefers to live out his last days chasing a dream rather than lying in a hospital bed.

Encouraged by this, Miguel takes the whole crew with him to trace the treasure, believed to be lying somewhere between Cuba and Yucatán in the ocean. Sadly, Wilson doesn’t live to see the treasure, and his body is buried at sea while the others press on.

While trying to interpret the map again, Miguel realizes the odd dots on it weren’t meaningless — they form a star constellation that guides Lucas in locating the right coordinates. By daybreak, the group lands on a secluded island. Miguel, Citlali, and Lucas go underwater and recover a large safe from the ocean.

But getting the safe isn’t the end — Miguel now has to open it using just one key. He then remembers that Francisco, being a gambler, may have bluffed about the need for three keys. Taking that chance, Miguel successfully opens the safe, revealing the long-lost Aj Took treasure and the golden jaguar statue of Kaan Balam inside.

Just as they begin to celebrate their discovery, the burnt-faced man appears to ruin the moment again. But this time, Ariel shows up, and in the chaos, Lilí seizes the moment to stab the mobster to avenge Wilson’s death. Eventually, the mobster succumbs to both the stab wound and gunshots.

Ariel then proposes a deal to Miguel — Ariel takes the golden jaguar, while the others share the rest of the treasure.

Does ‘Bandidos’ Season 1 Set Up a Season 2?

Viewers are left with one more twist after the treasure hunt ends when Lilí tries to disappear with the Kaan Balam artifact. She runs into Miguel, who ends up shooting her in the stomach before she sinks into the sea.

Ancient gold lures a crew with nothing in common but greed (Photo: Bandidos/Solly V. Bianco)

After that event, Miguel, Lucas, Inés, Citlali, and Octavio split the money earned from selling the treasure. Lilí’s portion is shared among them, and Wilson’s part goes to Miguel in line with his final wish. Although it didn’t all go smoothly, the group found their version of peace.

Miguel attempts to convince his father that he was the one who retrieved the treasure, but as expected, Juan gives Ariel the credit. Inés reunites with her son thanks to Octavio, Citlali brings her family to her new mansion, and she begins a romantic relationship with Lucas after their post-mission rest.

Hints for a second season are scattered throughout the ending, but one of the biggest reveals is that Lilí didn’t die from Miguel’s bullet. She and Miguel had planned the fake shooting all along to trick the people chasing her throughout the series.

A substitute, unrecognizable body was planted to make her death look real. Even Miguel’s teammates remain unaware of the full plan. Now that their past mission is behind them, Miguel and Lilí prepare to go after their next target — the legendary Tear of Fire, which Miguel describes as the largest treasure never seen by anyone.