Chapter 232 is titled "The Hundred Million Man".
A local drunkard is taking a leak in the ocean, before noticing a new bunch of bounties coming in. Looking through the wanted posters, he finds two that he immediately recognizes: Luffy and Zoro, who were publicly humiliated only this afternoon before at their mention of Sky Island. However, when he sees how high Luffy's bounty is, he is struck with horror, as it is not 30,000,000 anymore, but 100,000,000!
In Mock Town, the Bellamy Pirates are celebrating their find, as well as mocking the Saruyama Alliance, until the drunkard rushes in. When he spots Bellamy, he warns him that he needs to get out of town at once before he is killed. When Bellamy asks who would dare to threat him, the drunkard tells the entire bar of the bounties. This is enough to strike them with terror, as both of them have bounties higher than Bellamy's 55,000,000 bounty.
However, this only makes Bellamy laugh. Then, he berates the entire bar, as he believes that the posters are forgeries made by them in order to scare them. This causes the bar to calm down, until the enraged call of Luffy shocks them again.
Bellamy walks out to see who is calling, until he sees Luffy on a building. When Luffy tells him that Bellamy is to return the stolen gold, Bellamy uses his Bane Bane powers to get up on the roof as well. He tells him that since he stole the gold, it's rightfully his, but Luffy tells him that he's stealing it back.
Bellamy continues to mock Luffy, as the drunkard is more and more distressed, but Sarkies tells him to knock it off, starting to doubt that even Luffy's 30,000,000 bounty was real. Bellamy wonders how Luffy is supposed to fight, or if he's just going to stand around like their last encounter. When Luffy tells him that the last time was different, Bellamy starts off the brawl by using his powers to jump off the building and crack the tower in two.
Bellamy lands on another building, and readies his Spring Snipe to do Luffy in. He hits the top of the tower, which sends Luffy crashing down on the ground. As Luffy gets up, Bellamy uses his ultimate move, Spring Hopper, which people comments was exactly the same move he used against Roshio.
As Bellamy continues to bounce around, he continues to mock Luffy, as well as mocking all the dreamers as well. This enrages Luffy, whom asks Bellamy if he asked Luffy if he knew how to throw a punch, while cracking his knuckles. As Bellamy moves in for the kill, Luffy punches his cheek with extreme force, knocking Bellamy down to the floor, ending the fight with only one punch.