Cover Date: July 1998; Publication Date: May 1998
In Cypress Hills Cemetery, local firefighters attempt to douse a mysterious flame that has started - flames burning in the pattern of the Medallion of Power. From the flames emerges the Ghost Rider, who - before jumping on his motorcycle - simply says "It begins anew. I ride again...for vengeance!"
Elsewhere in the city, Spider-Man swings over the rooftops, jubilant that his recent troubles with the law are over. Spider-Man spends his evening stopping muggers and rescuing people from a burning building, but discovers that his reputation is still ruined due to Norman Osborn's allegations of the wall-crawler being a criminal. Spider-Man then visits Arthur Stacy, a friend, and finds that even he is having trouble trusting the hero. Outside the Stacy house, Mary Jane Watson-Parker talks to Jill Stacy before starting home. A few moments later, Mary Jane is startled by her husband, Peter Parker, jumping out of the trees. Peter scoops his wife up and swings them to a nearby rooftop. Peter tells her that things are finally starting to look up and asks "what could go wrong?". Just as Mary Jane says that she wishes he hadn't said that, Parker's spider-sense goes off, causing him to grab his wife and cover them with a web shield just in time to keep them from being burned by a flash of fire. The Ghost Rider rides past them on the street below, melting cars and street lamps as he passes. Parker changes back into Spider-Man and kisses Mary Jane before swinging off after the Rider.
A short time later, Spider-Man wonders what's causing Ghost Rider's flames to burn out of control. He stumbles across an abandoned building caught on fire by Ghost Rider's flames and sees a kid trapped on one of the floors. Spider-Man saves the boy just in time and returns him to his parents, winning back the trust of some of the public. Spider-Man picks the Ghost Rider's trail back up, following the trail of fire left by his motorcycle, and finds the Spirit of Vengeance in the middle of Times Square. Fallen on his knees, the Ghost Rider yells for everyone to stay away from him, that he's lost control of his hellfire. Ghost Rider is confused and disoriented by "so many truths and lies mixed together". "Noble Kale, the Lord of the Dark Realm, Mephisto, Blackheart", he says, "lies within lies within lies!" Spider-Man jumps down to the street, but is immediately attacked by Ghost Rider, who tells the hero to leave - that the lives of innocents are at stake and if he doesn't act soon the streets will run with blood. Spider-Man attempts to stop the Ghost Rider, but the demon smashes the ground beneath them, blowing a huge crater in the street. Severely weakened, Ghost Rider falls next to the hole - and when Spider-Man investigates, he finds a group of terrorists planting a bomb under the street. Spider-Man makes quick work of the terrorists, but sees that the bomb has just over five minutes before it detonates. Ghost Rider says he's too weak to help, but then out of the crowd steps Daniel Ketch, the Rider's descendant and former host. Dan asks the Rider - addressing him as Noble Kale - how he escaped Mephisto's realm and if he remembers him. Ghost Rider claims not to be this Noble Kale, and that Mephisto and Blackheart are the lords of the lie...the truth is not yet known. Spider-Man brings their attention back to the bomb, and Ghost Rider asks Dan to merge with him once again to make him stronger. Realizing that if he doesn't thousands of people will die, Dan agrees - and the two merge, restoring the Ghost Rider to his full strength. Whole once again, Ghost Rider takes the bomb and asks Spider-Man to contain him with as much webbing as he can generate. Within the giant dome of webbing, Ghost Rider stands with the bomb until it explodes, barely contained by Spider-Man's web. Immediately after the explosion, Ghost Rider rides out of the fire and out into the city. Spider-Man thinks to himself that this should finally prove to the city that he's a hero again...but the next day reads an editorial by J. Jonah Jameson that claims both Spider-Man and Ghost Rider to be part of the terrorist plot.