They eventually make a wager, with the Phantom Stranger believing Batman will uphold justice while the Spectre feels he will give in to vengeance.
Meanwhile, Batman disguises himself as a priest and visits Lew Moxon, a dying gangster who ordered the hit on the Waynes, to learn the killer's name.
Moxon expresses regret over making their son an orphan as he only meant to have Thomas killed; not Martha.
When Batman struggles to answer him, the Spectre shows him a meeting between the thug, "Chill", and an incarcerated Moxon.
Batman interrupts his latest sale, fighting off Chill's supervillain clients before privately cornering him and unmasking himself.
Panicked, Chill begs the villains for protection, revealing that he is indirectly responsible for Batman's existence.
The Phantom Stranger congratulates Batman on making the right choice before questioning the Spectre's role in Chill's death.
Joe Oesterle, of Mania, said that this episode ranks among the best of The Brave and the Bold, proving this show is as capable of presenting more than one version of Batman.