Episode 34: Theory of Avarice (2003 series)

While Winry waits alone at the Curtis's meat shop, Ed, Sig and Izumi are being detained by the State Military under Frank Archer's orders. Archer personally welcomes both Solf J. Kimblee and Shou Tucker back into the military, stating that Tucker can continue his research under his command. Archer then issues the orders for the extermination of the Devil's Nest resistance, stating that he can create more chimeras with Tucker's help. The battle in the sewers continue as the soldiers continue killing the members of Greed's gang, including Bido. While Dolcetto faces the soldiers pursing them, Greed and the others move ahead only to be confronted by Major Armstrong who demands that Alphonse Elric be returned to them. As Lust and Gluttony observe the situation, Roa faces against Armstrong and after Armstrong turns the top of his hammer into an artistic version of himself, Roa transforms into his chimera form. After the two use their brute strength to injure each other, Roa reveals he is also a Ishval Civil War veteran like him. Just as the reinforcements for both sides arrive, Armstrong urges them to surrender, however Roa punches a wall for the gang to escape and prevent the military from following them, with Greed revealing he'll make sure to punish Kimblee and Tucker for their betrayal later.

Meanwhile Ed and the Curtis' escape leaving fake dolls of themselves behind. Lust and Gluttony confront Greed and the last of his gang in a nearby building, demanding he die or be sealed away, revealing their master is very angry with him. Once Dolcetto cuts Al free, he and Roa decide to hold the two Homunculi back so Greed and Al can escape, also encouraging Al to take care of Martel who is still in Al's armor. As Ed who is looking for Al alone notices a disturbance is towards Dante's house, Greed separates from Al and Martel, and asks that Martel remain in Al's armor until the following day so at least she can survive despite her objections. Having killed Roa and Dolcetto, Lust and Gluttony watch as Greed enters Dante's house, with Lust noting that their job is done. Inside Greed encounters Lyra who knows he was born in the house and directs him to another room. Upon entering, Greed slowly becomes weaker and notices some bones on a table, to which Lyra reveals are his bones.

Demanding on wanting to know what Dante told Lyra, Lyra reveals that Dante's body is on the floor, and cut in half. Lyra then activates a transmutation which Greed knows is beyond the skill of a low-level alchemist like herself, and as Ed notices the transmutation outside, Greed begins vomiting Red Stones from his body. As Greed barely walks out of the circle, Lyra disappears and Ed arrives. Seeing Dante's body, Ed believes that Greed killed her, but Greed doesn't care, and with it clear Ed has come to save his brother Al, Greed prepares to face Ed in battle despite his weakened state. Transforming into his full armored state, Greed overpowers Ed, damaging his automail arm and knocking him to the ground. After reminding Ed what he said before about killing him, Ed is able to perform alchemy on Greed's arm then transmute the knuckles on the automail arm to turn it to flesh and bone. Ed reveals that the secret to Greed's shield is that he raises the carbon in his body and continues attacking different points to Greed's body, and demands where Al is. Ignoring Ed, Greed continues his offensive, exchanging blows, until Ed transmutes Greed's chest so he drive his automail sword through it which finishes him off.

As he lays dying, Greed reveals he already released Al, and that while the Homunculus are born from a failed Human Transmutation, when exposed to the remains of the human they were created from, that particular Homunculi becomes weaker, which is the Homunculus's only weakness. Greed encourages Ed to defeat the other Homunculus and reveals he wished to die instead of being sealed away again. Ed is anguished when he watches Greed pass away and the skull that Archer has in his possession crumbles as well. The next day Al and Martel watch the sun rise before Martel leaves, and once Al and Izumi meet up with him, Ed reveals to Izumi that he got there too late to save Dante and has no idea where Lyra is. Later, the Elric brothers and Winry are prepared to leave and Ed reveals that they are heading to Ishval and requests that Izumi goes into hiding for awhile in case the military are after her. Once Ed admits he won't give up until they get their bodies back, Izumi and Sig watch as they leave.