‘Bandidos’ Ending Explained & Series Recap: Was Lili Dead Or Alive?

The brand-new Mexican Netflix original Bandidos is all about a heist and a robbery. A bunch of misfits who happen to be seasoned criminals are after an ancient treasure that could probably help them lead a luxurious life. The group begins their journey only to find it paved with many obstacles in the form of rivals who might also want the same treasure.


Spoilers Ahead 

How Did Miguel Know About Aj Took’s Treasure?

Miguel Morales was a seasoned thief who’d worked with Lili and Wilson for years, and they’d committed many small-time crimes as well. Lili was his ex-girlfriend, and they were looking for a rich person to hoodwink in the hope of making some extra cash. Miguel comes across Luis Montejo, who spoke about Aj Took’s treasure, an ancient Mayan chest of gold that includes the famed gold jaguar. Miguel had some information about it from his father, Juan Morales, but he was keen to know more about the location from Luis, as he was a descendant of Francisco de Montejo, the famed conquistador who stole the treasure. Luis had the map of the location inked onto his body, which made it difficult for Miguel to understand the geography of the area. Miguel was quick to share the information with his Uncle Wilson and began to plan to retrieve the real map that would guide him. To their shock. Luis was found drowned, and the area of his abdomen on which the map was inked had been skinned as if someone needed the information. Miguel and Wilson were worried that the police would come to them, as the former was the last person who had seen Luis. 


Who Were His Teammates?

The teammates included Lili, a con woman known for luring rich men and robbing their money. Wilson’s only job was to stand by Miguel and help him with everything regarding the robbery. There was Lucas, who was lured into the group by Miguel, as the young man was the only son of a hotelier. 

Miguel was an employee of the hotel owned by Lucas’ mother and took advantage of Lucas’ loneliness, making him part of the team to utilize his hacking skills. These four come together as a team to get their hands on the map that would guide them toward the location of the treasure. As a team, they wanted access to the maps via a museum opened by Miguel’s old rival, Ariel, whose plan was to put historical artifacts and treasures on display for the people. 


Miguel and Lili barely escaped the museum when Ariel was made aware of Miguel’s plan to seek a treasure that had not been found for centuries. He claimed to be interested in helping them find the treasure. Ariel was a student of Miguel’s father, Juan, and he had been treated like an adopted son. Ariel and Miguel had never been on good terms because of their approach to life and the work they did. Ariel believed in preserving history, while Miguel was more about selling treasures and living off the money. 

Did Miguel Get His Hand On The Moon Key?

The moon key was crucial in opening the treasure chest. Miguel had to hire a diver, Citlali, who was a pickpocket as well. Miguel managed to find the moon key, but they were not ready to be ambushed by another group of men who wanted the treasure themselves. The new group was led by a man named Burnt Face, who was agitated to get his hands on Aj Took’s treasure. Miguel had to swallow the key to keep Burnt Face and his team from accessing the treasure. Miguel was the one who had come up with a plan to look for the gold, but Burnt Face and his team did not want to put in any hard work. After Miguel and his team barely escaped from Burnt Face’s grasp, the man chooses to kidnap Juan Morales in the hope of exchanging the key to the treasure. Miguel was hell-bent on getting his father back, but he was forced to include a police officer in that process.


Why Did Ines Join Miguel’s Team?

Ines was the police officer who was investigating the death of Luis Montejo. She wasn’t doing well on the professional side, as she was transferred to this town from Mexico City and was fighting for the custody of her mute son from her ex-husband. She was surrounded by people who wouldn’t take her seriously because of her gender and tried to trivialize her investigations because of rampant corruption. Her bosses expected her to be accommodating in such criminal cases, which made her question her morals. 

After coming in touch with Miguel in a hospital under unexpected circumstances, she was made aware of his plan to find the treasure and split the amount. Ines was left with no choice but to join the team in the hope of making enough money to be able to sue for full custody of her son. Along with Ines, Octavio also joined the group, thanks to Wilson. Octavio was a young gentleman who had a romantic history with Lili and was an ex-military man with several cases against him. The group wanted him first and foremost because of his ability to use weapons as an ex-army man. His strength and physical build were an added quality.


Where Do They Find The Rest Of The Keys To The Treasure?

As Juan Morales was kept captive by Burnt Face, Miguel and his team located the keys to the catacombs of a local church, which was centuries old. One of the conquistadors was buried in the church, and raiding his tomb was the only option. Ariel’s involvement in Juan Morales’ kidnapping by Burnt Face is revealed. The man felt guilty for carrying out the crime, but he was desperate to get his hands on the treasure chest to make his museum a hit. 

Lili, Octavio, Lucas, and Citlali visit the church as staunch followers of Jesus Christ and rob the grave before destroying it beyond recognition. They were right about the location and were soon in possession of the two other keys, which represent the sun and earth. Burnt Face was very close to getting his hands on all the keys when Ariel’s role in helping him was revealed to Miguel and his team. Burnt Face and Ariel were in shock when a gunman from their team switched allegiances towards Miguel to help him rescue not just his father but also retain the two keys required to open the chest. 


What Happened On Their Flight To The Pyramids?

On the way to a pyramid in another city, which they believed housed the treasure, the team was under the assumption that the treasure was never moved from the pyramid. On the flight, the pilot abandoned the plane mid-air, and a shocked Octavio informed them of a traitor in the team. As all of them were celebrating their victory over Burnt Face, someone spiked their drinks before they boarded the flight and bribed the pilot to abandon the passengers. 

All went over the details of their last twenty-four hours before getting on the plane to understand who the traitor could be, but no one could find answers. With three parachutes left and seven people on board, three pairs of people jumped out of the plane. Octavio chose to stay back to attempt to bring the plummeting flight under control. Everyone assumed Octavio was the traitor, and that he stayed back in the crashing plane out of guilt. 


Where Was The Treasure Hidden?

Lili was the one who had betrayed the team because she was aware it was only Ariel and his contacts that would help her get herself out of the country. She was also now aware of Wilson’s cancer diagnosis. With Lili off the hook, the rest of the group were held captive inside a cave by Burnt Face and Ariel. 

Back in town, it was Lili who figured out the location of the treasure, which was most likely in the ocean between Mexico and Cuba, as per the details she had of the route the conquistadors took. As per her knowledge of history, Francisco de Montejo was heading back to Spain when he purposely scuttled the ship carrying the treasure to safeguard it from other friends of his. Lili believes he chose gold over his friends and draws a parallel to how she acted at the time of her adversity. Ariel was in for more shock when he learned of Lili’s true allegiance to Miguel and his team right from the start. As they escaped being killed by Burnt Face yet again, Wilson revealed his cancer diagnosis. Wilson passed on the way to the island that would give them access to the treasure in the sea close to it. 


Who Was Burnt Face?

Burnt Face was the man whom Miguel and his father had unintentionally injured during one of Juan’s many famed hunts in his younger days to find archeologists and the treasures they were digging. Miguel and Juan’s expedition went wrong as the archaeologists confronted them due to their presence on their excavated land. This led to an altercation that led to the bike Burnt Face was on blowing up. This accident scarred his face and life, which made him go after Juan and his son with vengeance. Burnt Face wanted to avenge his injury by stealing the treasure using the right kind of allies, which he found in Ariel. Miguel was shocked to hear such revelations and wondered if he deserved harsh punishment for a childhood error. Burnt Face was eventually killed by Ariel because of his greed to be the only person accessing the lost treasure of Aj Took.

What Did They Find With The Treasure?

Aj Took’s treasure was in the sea, as expected. The treasure did not require all the keys, as Miguel stated, which was the plan hatched by Francisco de Montejo because he wanted to be the only one who’d be able to access the treasure in the long run. The lock was designed to use only one key as opposed to the trilogy of earth, moon, and sun keys. Miguel and the rest of the team’s only goal was to find the treasure and use it for their benefit. Except for Ariel, the rest of them wanted to live off the money they made from selling the gold. 


Ariel requested to be given possession of the gold jaguar for his museum, which many did not agree to. The man was revealed to have informed police about the chest. The group will have to come to a reasonable deal before law enforcement arrives. Ariel and Miguel were similar in many ways, but their end goals were different. Ariel wanted glory, while Miguel wanted luxury that would only come with the sale of the gold in the chest.

Was Lili Dead Or Alive?

Lili eventually ended up taking possession of the gold jaguar for herself. She was in dire need of money, as many powerful people wanted her dead. Lili wanted to live a life away from the world of crime, and having the gold jaguar to herself would open many doors for her as she would be financially secure. As she chose to run away with it, it was Miguel who shot at her to stop her from stealing the object. 


Miguel and Lili were in love, and everyone expected him to be the naive one who would forgive her. Lili was all about tough love and making hard decisions. She had received a fake passport from Wilson, which rebranded her as Daniela. Lili was excited for her new life away from Mexico, which was sadly cut short as she was killed by Miguel. Miguel could not risk losing the gold that he had been searching for for a long time. This expedition was a big deal for Juan Morales as well, but the man’s faltering memory was the reason Miguel took it upon himself to finish the job.

Season one of Bandidos ended with Ariel placing the gold jaguar in his museum as he’d requested. He wanted the world to know more about the country’s history rather than just living off the money he would get from selling artifacts. The rest of the gold from the chest was sold off, and everyone, as promised, was given equal shares. Lili’s share was given to charity, while Wilson’s share was added to Miguel’s as requested. Everyone was happy at the end of the heist because all the promises were fulfilled. Miguel could provide for his father, and Ines received full custody of her son. 


The last shot of Bandidos had Lili alive, now living as Daniela. This indicates her fake death was planned right from the start to make sure her old identity died with her. It was a dummy that was presented to the police for a postmortem to close the case. Lili moved to be Daniela to avoid being tracked by people who were after her. It would make sense, as she was in the town only with a different name. Unless she and Miguel moved away to another country to restart their lives, the change of identity would not make sense. There was no clarity on why Daniela would stay back in town. Miguel, on the other hand, offers her to join his next trip to locate tears of fire. Tears of fire could be a diamond heist, as the name suggests.

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Smriti Kannan
Smriti Kannan
Smriti Kannan is a cinema enthusiast, and a part time film blogger. An ex public relations executive, films has been a major part of her life since the day she watched The Godfather – Part 1. If you ask her, cinema is reality. Cinema is an escape route. Cinema is time traveling. Cinema is entertainment. Smriti enjoys reading about cinema, she loves to know about cinema and finding out trivia of films and television shows, and from time to time indulges in fan theories.

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